This debt could force you into bankruptcy, and it's not student loans

This debt could force you into bankruptcy, and it's not student loans  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, JUN 26, 2019 YOUR WEALTH Editor's Note So, why do most Americans file for bankruptcy? Huge credit card debt? Loss of a job? Wrong. The main reason that Americans file for bankruptcy is medical debt. And don't be fooled, that includes people who are insured. Unfortunately, having health insurance in no way guarantees that you won't fall victim to medical debt. Also, a recent Gallup survey found that Americans were forced to borrow an estimated $88 billion over the last year to pay for health care. That survey also reported that 1 in 4 Americans have skipped medical treatment because of the cost, and that nearly half fear bankruptcy in the event of a health emergency. The reality is that families are feeling the effects of high health-care costs. They are forced to cut back on other expenses to pay for health care, or skip appointments and prescription refills, creating health risks down the road. Members of Congress in both parties have made it clear that the American health-care system is badly broken and needs reforms. Despite the talk, it appears likely nothing will be done any time soon. Sadly, it is becoming increasingly probable that this Congress will not pass any significant health-care legislation and the status quo will remain through the 2020 election. For more cool stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia @JIMPAVIA This debt could force you into bankruptcy, and it's not student loans With student loans at an all-time high, you may be surprised to find out that they aren't the biggest reason people declare bankruptcy. Instead, those who hit financial rock bottom most often cite medical debt. Not sure what your renters insurance covers? You're not alone There are a lot of misconceptions about what renters insurance covers and how much it costs, a recent survey by property and casualty insurer Assurant found. Cuts to Social Security would hurt older, single women most of all The Social Security program is approaching insolvency, and the demographic to be hit hardest by any reduction in benefits will be women, who tend to earn less, claim benefits earlier and outlive men. You're never too old to get rich if you follow these seven tips for starting a business Embrace your years of experience and use what you've learned to win at starting your own business after age 50. You won't believe the remote jobs that now exist with salaries topping $100,000 You may be able to work remotely, even in fields such as real estate, insurance and marketing. Here are the best places to own a home – and pay fewer taxes To determine the best places to own a home and pay fewer taxes, GOBankingRates analyzed median home values, state and local income tax rates, sales and use tax rates, median real estate taxes paid, and effective property tax rates in more than 200 cities. Gold investors have been waiting a long time for this breakout moment and it's happening Investors are piling into gold, sending the precious metal to a six-year high, and analysts think the commodity has established a base to go even higher. Switching jobs? Don't make these mistakes with your retirement plan If you're packing up your desk and heading for better career opportunities, don't forget to review your 401(k) plan. You can keep your money where it is, move it to your new 401(k) or roll it to an IRA. How to decide. Consumer confidence drops more than expected, reaching its lowest point in nearly two years The Conference Board, a business research group, on Tuesday released the June update for its consumer confidence index. Investors favor US stocks amid political tensions overseas U.S. individual investors are shying away from foreign stocks, a new survey shows. The No. 1 reason cited: concerns about political tensions between the U.S. and other countries. My take on Bernie Sanders' plan to wipe out student loan debt "Bernie Sanders is now calling for a transactions tax on investors and traders that would represent a big step backwards for market participants, with the altruistic goal of wiping out ... $1.6 trillion in student debt ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2019 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS