80% of Americans are in debt. Ranging from a small loan to millions of dollars. Almost everyone who has been to college has a student loan, and most parents are in debt helping to support their children. ‘Debt’ is such a horrible word, it implies a disregard and control over money. Yet most people get into debt because they had to and not because they were careless. Obviously, the ideal situation is to not have debt at all, to be able to live comfortably within your means, but with the average outgoings for a household nearly matching the average income, it is easy to see where the extra money is needed.
But it’s not all doom and gloom; being in debt doesn’t mean the end of the world, in fact, there are many ways to manage it, and prevent yourself from falling back into it.