How to Escape the Debt Dilemma
Most of us have been told that when it comes to debt, it's best to avoid it altogether You've heard it everywhere: Aside from a major purchase, like a home, if you can't pay cash for something, then you can't afford it.
Of course, that's easier said than done. Consumer debt rose to $4.05 trillion in February, according to the Federal Reserve. And it's not that all debt is bad. Used correctly, debt allows us to buy homes, pay for college and finance other needs, including unexpected medical bills.
But too much debt can become overwhelming. In fact, almost a quarter of Americans (23%) say their debt is greater than their retirement conducted on behalf of Prudential Financial. And 49% of Americans cite reducing or paying off credit card debt as a financial goal, but only 28% are confident they can do it, says Prudential's 2018 Financial Wellness Census.
