There’s no doubt that credit has increased Americans’ purchasing power. Without it, many of us wouldn’t have access to homes, cars, and other everyday goods. Although, this reliance on credit has also normalized debt across the US.
With consumer debt now standing at $14.96 trillion and the average consumer owing $92,727, it’s important to understand how different debt types can affect your future and your finances.
Want to know more about the different types of debt? Let’s take a look!