Mortgages. Car loans. Credit card balances.
Maybe it’s a new year’s resolution: paying down debt. Or maybe it’s a topic you’d like to avoid. Either way, it’s a fact of life in most American households.
The average American household carries more than $137,000 in overall debt, according to the Federal Reserve.
The bulk of the burden: mortgages, car loans and credit card balances. Financial advisors say there's still time to make a new year's resolution to pay down their debt in 2018.
A good way to start is to sit down and be honest about household finances.
For many, credit cards are the enemy. Adams says it's your debt and your money, so shop around for a better deal – for a lower rate or a zero-interest introductory special.
Credit card debt alone is a burden exceeding $15,000 in the typical American household.
Other top debt, according to NerdWallet:
--$27,669 in car loans.
--$46,697 in student loans.