In the last few years, bankruptcy rates have spiked, climbing nearly 50 percent since 2022. Seventy-seven percent of American adults now hold consumer debt, and millions are finding it harder than ever to pay off due to multiple factors, including higher interest rates and rising costs of living. But what’s the difference between struggling with bills and reaching a level of financial stress where filing for bankruptcy is the best option? There is no hard-and-fast rule, but most people say they wish they’d done it sooner. In the latest edition of #MyTwoCents, three women under 40 who've filed for Chapter 13 or Chapter 7 share how they got into debt, when they decided to pursue bankruptcy, and how they’re doing now. Read what they had to say at the link in bio. Photo-Illustration: By The Cut; Photo: Getty Images