Significance

• Financial problems can ultimately lead to a bad credit rating. This can affect one's ability to buy a house, purchase a car or even get a job.
  
  

Types

• Some people have financial problems because of a low income level. Others have overused their credit cards or gone into too much debt, according to hq.nasa.gov.
  
  

Effects

• Financial problems can cause strife and problems with spouses or other family members. The inability to pay one's bills can cause depression and even lead to suicide.
  
  

Prevention/Solution

• It is best to admit to your creditors that you have financial problems and try to work out a solution with them until you can rectify your financial situation. Many have hardship programs in which payments can be adjusted.
  
  

Considerations

• People with financial problems can also consolidate their debt through a debt consolidation company. One may consider bankruptcy if he has no other recourse.