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Middle class faces overwhelming debt from medical bills in Texas

Many politicians from both sides of the political spectrum talk of the importance of the growth of the middle class to the economic recovery in the United States. However, despite the political rhetoric, the middle class in Texas and other states is still struggling financially amid the slow economic recovery. One of the top concerns regarding personal finance among those in the middle class is overwhelming debt caused by medical bills.

The middle class has been steadily shrinking and has decreased in size from 53 percent to 44 percent since 2008. Also, statistics have shown that the number of individuals who consider themselves as "upper-middle class" have also dropped to 55 percent in 2012. This is a significant decrease from 2008 when 63 percent of people considered themselves upper-middle class.

Statistics have revealed that medical bills are one of the most significant worries for consumers in the United States. Medical debt has consumers more worried than various other financial problems and dangers, including student loans, identity theft and the cost of divorce. Approximately one out of every ten Americans worries about having to pay his or her medical bills.

Many in Texas who are already suffering under overwhelming debt from medical bills may begin to feel hopeless. However, they should not lose hope since there are always options available. One possible solution to medical debt is to file for personal bankruptcy, which has the ability to discharge debts owed. However, it is necessary to make sure to correctly file the proper paperwork in order to avoid having one's bankruptcy thrown out by the court.

Source: Fox Business, "The Middle Class is Shrinking, and Medical Bills are Keeping Us Up at Night", Kate Rogers, April 3, 2014

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