Raise your hand if you have no debt.
That’s right. The majority of Americans carry some kind of debt, whether it’s a student loan, credit card balance, mortgage or auto loan.
But when it comes to debt management, many people have a lousy track record, says Gail Cunningham, spokeswoman for the National Foundation for Credit Counseling in Washington, D.C.
“Financial well-being is not really rocket science,” Cunningham says. “Mistakes people make are associated with very basic financial building blocks.” Yet, people are unwittingly tripped up.
She and other debt experts have shared six steps to debt mismanagement, so you will know what to avoid as you juggle your own obligations.