Money and credit are two items that affect nearly everyone. We earn, spend and sometimes save money. But it seems nearly inevitable that the need for credit arises and efforts to retire it become debt that can hang around longer than a bad penny.
For most Americans, debt is a complicated reality. Whether a consumer is retired, nearing the end of a career or beginning one, the likelihood of holding debt of some kind is fairly high. A new research report by Pew Trusts finds that 80 percent of the nation has some form of debt and further that nearly 7 in 10 view debt as a necessity they would prefer not to have.
By comparing and contrasting how families of different generations, races and ethnicities hold debt, the new report suggests that as conditions vary, debt can help or hurt a consumer’s ability to build wealth.
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