There are a variety of reasons why someone ultimately needs to file for bankruptcy. The most common explanation is medical bills, according to an article from USA Today. Another common explanation is the rising cost of attending college.
Many students end up taking out loans to get an undergraduate degree. However, students every year also get into too much debt simply because they do not know how to handle their finances on their own. It is easy to accumulate too much debt when you get a credit card for the first time.