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For many individuals and families, spending money in the moment may seem like the quick path to instant happiness, but down the line, purchases can have long-lasting impacts.
A recent Bankrate study surveyed 3,700 adults and found that 74% experienced some level of financial regret. The largest percentage described not saving for retirement earlier as the No. 1 regret. The next most common regret was taking on too much credit card debt, followed by not saving enough for emergency expenses.
The study additionally showed that almost half of Americans who have stress over financial regret have become increasingly more stressed this year compared to last year. This increased stress is most common among younger generations, with 60% of Gen Zers and 57% of millennials reporting higher stress levels in 2023. The older generations of Gen Xers and baby boomers have had more years to work toward accumulating wealth, leading to less stress in 2023.
For Americans who are newer to the working world, the added stress of fluctuating student loan payment policies, a high-cost housing market, inflation and a recession can increase the likelihood of looking back on financial decisions with regret.
With this increased anxiety surrounding finances and added uncertainty about where the economy is heading, many Americans do not feel secure with their financial situation. If you have stress and regret related to your finances, filing for personal bankruptcy could be your path to financial freedom.
While filing for Chapter 7 or Chapter 13 bankruptcy cannot result in recovering on missed savings opportunities, it can help you to discharge past-due taxes, unsecured debts such as medical bills and credit cards, end creditor harassment and more. The aid that is provided with filing for bankruptcy can help alleviate regret and offer a path to a brighter, less stressful financial future.
With Sader Law Firm’s help, you can regain confidence in your finances. If you have questions about your specific situation or are considering filing for bankruptcy, contact Sader Law Firm at (816) 561-1818 for a free phone consultation.
