Just last year, U.S. News and World Report published survey results that suggested the average amount of credit card debt in U.S. households is at least $15,000. For a country with a median wage of just about $26,000 and household income is a little over $50,000, that’s really a high debt level. Besides credit cards, other common household debts include mortgages and vehicle loans.
While most people hope to minimize debt, it’s clearly impossible for most to simply write a check to make it evaporate. Instead of hoping to pay off all debt, it’s most important to understand that different kinds of debt exist. Also, some types of debt are worse than others.