More likely than not, you will experience some form of financial hardship in your lifetime. Some of these will be minor challenges like a layoff or a series of missed mortgage payments, others will be significant like divorce or declaring bankruptcy. Often one financial hardship begets another, so don’t be surprised if a layoff leads to divorce which ruins your credit and forces you into bankruptcy. If you think you’re too smart to ever have to deal with financial hardship, rest assured life will find something to hit you with at one point or another. What is financial hardship? Financial hardship is much more than having to live on a tight budget. Instead, it refers to the long-lasting and lingering consequences of a financial catastrophe. The very definition of financial hardship is being willing but unable to meet your obligations because of unexpected events or unforeseen changes that have compromised […]
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