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How Do People Get Themselves Into Debt?

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Part of the video series: Debt Management

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Summary: High interest rates and minimum payments help to keep people in debt, as does living beyond one's means and using student loans. Find out how a mortgage represents a good debt with help from a business analyst in this free video on financial planning and debt management.

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By Terry Kuykendall
eHow Presenter

Terry Kuykendall is currently a budget analyst for the military in Washington. She is an accountant who has worked at firms helping people deal with personal and business debt.read more

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"There are several ways people get into debt. Credit cards are obviously a big thing these days for people... high interest rates, minimum payments. Those will keep people into debt. A mortgage is a debt also, but it's a good debt, so you're buying something that is going to appreciate in value so, yes, it's a debt, but it's a good debt. Another thing that can cause debt is not living within your means. If you have a budget and you live within your means, within what you bring in and what has to go out and only use what's left over to spend, then you'll be okay, but it's those people that need more, want more, more like want more, that go out and charge things up and that is what ends up putting them in debt is the want, the wanting more than they can afford. Student loans is another debt, but it's a good debt. You're getting an education so that when you're done getting that education you can go out and get a good job. So yes it's a debt, but it's considered a good debt."

eHow Article: How Do People Get Themselves Into Debt?