Debt can be a slippery slope. Some types (like mortgages) are healthy and improve your ability to do and buy the good things in life. Others (like, um, that sofa youre still paying off) should come with a danger warning before you sign on the dotted line. Here, four types of debt that could spell disaster if youre not careful.
1. Credit Card Debt
The average amount of credit card debt for families who carry a balance is $9,333, according to Value Penguin. Even more staggering is the fact that the average credit card interest rate is 14.58 percent for existing customers. (Its 17.98 percent for new offers.) Heres the rub: Credit card debt makes it almost impossible to build wealth because, no matter how much you pay off each month, if …
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