Debt Basics

With today's increasing debt levels, understanding debt is more important than ever.

When used and managed carefully, debt enables you to:

  • Build a credit history;
  • Buy a house;
  • Send yourself or your kids to school; and
  • Track and manage your spending.

Some debt, specifically your home mortgage, even lets you to reduce your income tax.

Understanding debt and using it wisely can help create a better, more fulfilling life for you and your family and can steer you toward a more stable future.

However, for Americans who struggle with debt, the financial future feels uncertain at best. It's overwhelming, it's nerve-racking, and it's difficult to know how or where to begin to get back on the right track.

If you are in debt, you can follow this step-by-step guide to getting out of debt.

10 Smart Steps Rewards of Getting Out of Debt