Americans have $29,000 in debt—and many say they'll be paying it off forever. (via CNBCMakeIt)
A leading source of that debt is credit card bills. The biggest portion of Americans, 40%, feel that they will pay everything off within five years. But a third estimate it will take anywhere from six to 20 years to pay off their debt, and 15% say they will be paying off credit card bills for the rest of their life.The first step toward making headway on your debt: Take inventory.
"The best course of action is to get a handle on where you are today and then come up with a plan to tackle the debt," Barbara Ginty, a certified financial planner and host of the
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