The number of bankruptcies that take place in America is alarming. According to the United States Courts, nearly 13 million Americans declared consumer bankruptcy from 2005 to 2017. The fact that so many people cannot pay off their debts is alarming. It is important to understand the reasons why millions of people file for personal bankruptcy. Here are some key causes of consumer bankruptcy in the United States. 1. Credit card debt Debt that accumulates via credit cards can be uncontrollable. The risk of obtaining massive credit debt is higher with creditors who charge significant interest rates. The reasons people build up credit card debt range from irresponsible spending to financial catastrophes. 2. Job loss Losing a job can easily cause someone to declare bankruptcy, especially if he or she does not have an emergency fund to cover living expenses. Sudden job terminations and layoffs can make it difficult to cover food, rent or mortgage,…