In the architecture of personal finance, few documents hold as much power and significance as the credit report. It serves as a comprehensive financia...
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In some cases, yes. Providers may forgive debts through charity care, or debts may be discharged in bankruptcy. Some states also have programs to relieve medical debt for low-income residents.
Motivations include social pressure, the desire to project success, keeping up with peers (the "keeping up with the Joneses" effect), and the influence of social media promoting curated lifestyles of affluence.
If unpaid, it can result in lawsuits, wage garnishment, or bankruptcy—same as any other unsecured debt. The nature of the spending does not change the legal consequences of non-payment.
The original creditor (e.g., your credit card company) is the entity you originally borrowed from. A debt collector is a separate company that now either owns the debt or is hired to collect it. They are often more aggressive in their tactics.
Focus on high-interest debts (avalanche method) or smallest balances first (snowball method) to save money or build momentum.