The definition of debt.
An amount of money that you owe to a person, bank, company, etc. The state of owing money to someone or something. A duty or obligation to pay money, deliver goods, or render service under an express or implied agreement.
The majority of Americans are in debt. 33% of millennials (people born between 1981 and 1997), actually have mortgage loans. They are also more likely to have student loan debt, car loans, and credit card debt. Having debt is not inherently a problem, but it can quickly become one if we are living beyond our means or we are not working towards bringing our balances to zero. The best we can do is focus on managing our debt and credit well.
Debt, as the years have gone by, has increased per household and individuals. With the economy slowing down, we are not making enough money to pay off our mortgages, cars, credit cards, and anything else we have incurred.
Bankruptcy is a form of debt relief. Consider filing bankruptcy if you believe you cannot manage your debt.
For information on bankruptcy in or around the Houston area, schedule a free meeting with a bankruptcy lawyer from the Rashid Law Firm by calling us at 832-209-8833 to schedule a free initial consultation.