For many borrowers, debt can be summed up in nine words: easy to get into, hard to get out of.
Americans collectively owe $18.8 trillion – the majority in housing debt (mortgages, home equity loans and the rest) and $5.2 trillion in credit cards and loans, according to the Federal Reserve. This works out at $94,000 per U.S. adult, on average.
Being burdened with debt can be a harrowing experience, particularly amid the current high cost of living.
“Those pressures weigh on their mental health, and when they don’t have the means to make ends meet, they may turn to credit cards, and racking up a balance they can’t repay causes stress and anxiety,” said Leslie H. Tayne, a personal finance expert and founder of Tayne Law Group.
For…