Most Mississippians know that large medical bills can cause serious financial problems. However, even small bills of less than $1,000 can be sent to collection agencies and end up as negative entries on credit reports. In fact, a recent study published in Health Affairs found that more than half of medical collections in any given year are for less than $600. More than 2 percent of adults also had medical collections of less than $200 on their credit reports in 2016.
Debt is a problem for most millennials in Mississippi and in other states. In 50 large cities across the United States, millennials are carrying an average of over $23,000 in personal debt excluding mortgages. San Antonio is the area with the largest average non-mortgage debt for millennials at $27,122 followed by Pittsburgh and Austin.
Baby boomers in Mississippi who always dreamed of early retirement might have to get used to the idea of late retirement or no retirement at all. At least that it is what statistics suggest. More people 55 and older are still working these days, and many who have retired from full time jobs are turning to freelance work to supplement their retirement income. As of 2017, 23 percent of the American workforce was aged 55 or older. The Bureau of Labor Statistics estimates that the figure will be a solid 25 percent by 2024.
In the 2017 fiscal year, individuals in the United States filed a total of 767,721 personal bankruptcies in the federal courts. Residents of Mississippi may benefit from learning about some common mistakes people make that may lead them to file for bankruptcy.
One of the most vulnerable groups in society when it comes to filing for bankruptcy is senior citizens. This group is increasingly filing for bankruptcy due to a variety of factors, including mounting credit card debt, high medical expenses, and insufficient savings and retirement funds.