Debt. We all have at least a passing familiarity with it. Most of us have in the past, or currently have, socially and morally respectable debt like a mortgage. Many of us have other forms of debt—credit card debt, the loans we owe on our vehicles. Some of us have experience with more crushing forms of it—student loans, for example, which have skyrocketed and put many millennials in difficult circumstances. Then there is medical debt, which in too many cases can lead to bankruptcy.
Even if we don’t have direct experience with the sort of debt that can only lead to bankruptcy, it’s very likely that we know people who are deeply affected by it, in many cases through no fault of their own, except perhaps by deciding to get a college education or going to grad or professional school, or having the bad luck of becoming seriously ill. The amounts are mind-boggling: Forbes recently estimated that there is more than $1.5 trillion in student loan debt, owed by some 45 million people. Meanwhile, it’s estimated that more than 1 in 4 Americans struggled to pay a recent medical bill. Continue reading