By: Allison Franklin
With the United States economy going through a recession, the topic of debt is on many peoples’ minds. Since debt is such a hot topic, it is important that everyone is well informed about it. The first thing that people need to know is that they are not alone when it comes to debt. In fact, an average American has credit card debt of $10,700. When it comes to paying this off people need to take it slow and pay it off as they go. If they try to do too much at once it is unlikely that they will get out from under the debt. The second thing that people need to know is that being in debt for some money can actually be good. When people are in debt because of school loans this does not hurt their credit as this is an investment in their future. As long as people continue to pay these loans and do not default, this debt is beneficial. The third thing that people need to know is what kinds of things should be charged. People should not charge items that they do not really need and things that will be used up fast. Experts say that people should never charge meals or vacations. If people cannot afford to pay cash for these then they should not go. These are just a few things that people need to understand when it comes to debt. There is a lot more information out there that people need to become aware of.