Managing Debt

Debt is different from regular living expenses.  Living expenses are items that you pay for as you need them.  Debt is money you owe because you borrowed it from a bank, credit union, the federal government (student loan), an auto dealer, or even payday lender.  You may owe money because of charges you made on your credit card that you haven’t paid off.  You can also have debt because you have not paid your bills.  For example, if you have unpaid medical bills, you may have medical debt.  If you have not paid child support, you now owe child support.

How you deal with debt, depends on the kind of debt you have.

Credit card debt
Auto loan debt
Mortgage debt
Bills in collections
Medical debt
Student loan debt
Payday loan debt
Auto title debt