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When a business or individual is in financial hardship, it means that they are unable to satisfy their financial responsibilities because they are not able to create enough vulnerable revenue or money. This is typically caused by high fixed expenditures, a high percentage of illiquid assets, or revenue sources that are susceptible to economic downturns.
Families are vulnerable to the destructive effects of economic hardship and financial turmoil. Many families lose their houses, automobiles, retirement accounts, valuables, money, health insurance, and other things during hard economic times. Families frequently struggle to satisfy their bare necessities. Financial difficulty occurs when an individual or organization's income or earnings are insufficient to cover its debts.
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