Introduction

Debt in the United States – It’s Not as Uncommon as You May Think

Many people who are in debt falsely believe that it is something that they must face alone. This is simply not the case. The majority of Americans have some debt (whether good debt like mortgages or bad debt like credit cards) and more than 8% of American households have more than $9000 in credit card debt.

However, just because you are in debt does not mean that you cannot overcome your bad debt and eliminate it forever.

At the point when you truly want to improve your financial situation, there are many options for you to pursue. You do not have to let debt rule your life or your attitude.

All debt really becomes is a number on a piece of paper – it is not who you are. And, as you whittle away at that number, you will see opportunities arise that you have not yet had the chance to experience.

When dealing with your debt, it is important to realize where you truly stand – what your number really is. For more than 35% of Americans, their non-mortgage debt is greater than $10,000.

What is your debt? Do you know? If not, this book will not only help you figure out what you owe, but will also help you figure out how to eliminate that debt to a level that you are comfortable with.

What Is Debt?

Debt is any amount of money that you owe.

Some debt is viewed as “good” debt and is typically debt that will also serve as an investment, such as a house mortgage.

Other debt is viewed as “bad” debt and could potentially hurt your credit score. This type of debt includes credit card debt, installment loans, payday loans, and more.

To eliminate your debt, you need to first understand how much debt you have, what interest you are paying on the debt, and what the other terms of the debt are. Then, you can figure out what your strategy for eliminating the debt is.

In many cases, you may have to take a closer look at your budget, including your expenses and your income, to figure out how to put more money towards eliminating your debt.