Almost everyone is in debt at some point in their lives. Being in debt doesnt mean you arent properly managing your finances; sometimes being in debt simply means youre currently paying off a loan you used to buy your new house, youre currently paying off a loan you used to buy your vehicle, or you simply have credit cards that havent been completely paid off yet. These kinds of debts are pretty normal and dont pose any real threat to your credit score unless you fail to pay them back.
On the other hand, many Americans are so far in debt that they cant make regular payments to their creditors, if theyre able to make payments at all. This kind of deep debt can be caused by a plethora of situations; loss of job, incarceration, and a serious illness or injury of a family member are just a few examples. These kinds of examples also dont mean people are mismanaging their finances; they just happened to be hit with some bad luck that can harm their credit scores.
At the same time, this kind of deep debt can be caused by the inability to properly manage finances. Sometimes people apply for, and use, more credit cards than they can pay for. Sometimes people spend more...
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