Managing Personal Debt
Managing Personal Debt. Results of a study on debt by Northwestern Mutual. What strategies are you using to break free of personal debt?
Key Takeaways
- Credit card debt is the primary source of personal debt in America, accounting for more than double any other debt source—prioritize paying down credit cards first if you're carrying multiple types of debt
- The average American dedicates 30% of monthly income to debt repayment; if you're spending more than this percentage, you may need to restructure your budget or debt payoff strategy
- With the average personal debt at $21,800, track whether you're moving toward your lowest debt levels (like 43% of Americans) or highest levels (like 35%) to adjust your repayment approach accordingly
- The wide variance in debt levels across Americans suggests there's no one-size-fits-all debt situation—audit your specific debt composition and create a targeted payoff plan based on interest rates and debt types
Managing Personal Debt. Results of a study on debt by Northwestern Mutual. What strategies are you using to break free of personal debt? Watch more videos about Managing Debt on finStream at this link: https://www.finstream.tv/videos/managing-debt/
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