7 Debt Types and How to Get Out of Them

There’s no doubt that credit has increased Americans’ purchasing power. Without it, many of us wouldn’t have access to homes, cars, and other everyday goods. Although, this reliance on credit has also normalized debt across the US.

With consumer debt now standing at $14.96 trillion and the average consumer owing $92,727, it’s important to understand how different debt types can affect your future and your finances.

Want to know more about the different types of debt? Let’s take a look!

Managing Debt

I know that it’s never a good idea to get deep into debt, and I am certainly going to do my best to keep my financial situation in good shape as I leave college and enter my career. But, to be honest, I’m a little worried. I’ve never been really amazing with my money, and I’m afraid that I’ll screw up and end up with a lot of debt. My question for the experts is: how big of a deal is debt, really? I know it’s bad, but is it something that you just can’t fix–a downward spiral that will ruin your life? Or are there ways out of bad financial situations?