You & Your Debt
Nearly every American – young or old – will deal with debt at some point. Debt often begins to accumulate during college with credit-card debt, then accumulates with car loans and student loans. Mortgages, family expenses and medical bills may add more debt. Many times debt follows people into retirement. It's important to take a close look at how your debt is affecting your life. If you have too much debt, it may be time to make a plan to get rid of it.
- Students Students often take on thousands of dollars of student loan debt. In fact, total U.S. student debt is $1 trillion.
- Veterans After leaving the military, veterans may face unique challenges in getting back on their feet financially.
- Real Estate Property can be a great investment, but it can also mean a lifetime of monster mortgage payments.
- Retirement The golden years should be a time for relaxing, not worrying about your unpaid debt obligations.
- Small Business Entrepreneurs are the heartbeat of America, but small business debt can quickly cut into profits.
- Unemployment When you’re out of a job, it can be a real struggle just to make minimum payments on your debts.
- Family Marriage, children and divorce can all lead to financial changes — and challenges.
- Americans in Debt Many Americans are drowning in debt, maxing out credit cards and falling into foreclosure.
- Consumer Rights The federal Consumer Credit Protection Act was put into place to protect American consumers.
Types of Debt
To build a solid financial foundation, it’s important to look at the different types of debt that consume so much of your paycheck. Typically, taxes, credit card bills and mortgages take up a majority of someone’s income. Car loans and medical bills only add to the debt burden. No matter which type of debt you are dealing with, it’s time to make a plan to get rid of it!
- Credit Credit cards make it easy to take on more debt than you can handle. Is it time to put the plastic away?
- Loans Loans make it possible to buy furniture, cars and even houses, but they can also create new problems.
- Mortgages A mortgage is typically a smart investment. Make your mortgage work for you instead of against you.
- Tax Taxes sometimes create additional debt – and always add more stress to a family’s budget.
- Medical No one chooses to take on medical-related debt, but many Americans are forced to deal with it nevertheless.
- Government When it comes to dealing with debt, the U.S. government sets a poor example for the rest of us.