Do we all hope to win the lottery? We can't think of anyone who would say, "$35 million? Eh. I can take it or leave it." Most of the people we know who are deeply in debt hope for more than a balanced budget; they want the security that comes with that windfall, the feeling of putting debt behind us forever.
The website of the U.S. Bankruptcy Court for the Northern District of Illinois features an interesting statistical tool that makes comparing years and types of bankruptcies very easy. We decided to take a look at how our district fared from 2010 through 2014. The results were surprisingly interesting.
Quick question: You are not making ends meet on your salary. You have a mortgage and student loans with roughly equal monthly payments. Which do you stop paying, even just for a little while?
There are a lot of dangerous, counterproductive ways to "manage" your debt. There are payday loans, for example: They seem reasonable at first glance but, on closer examination, you see that they come with sky-high interest rates, among other negatives. All too often, one loan leads to another and another until what started out as a financial setback turns into a financial fiasco.