The 8 Kinds of Debt You Must Navigate as a Young Adult
Debt is unavoidable, so you need to manage it the right way
Paying off debt is the top financial priority of anyone living in debt.
Long-term goals like investing and retirement planning are so far into the future that they feel abstract. You won’t feel the benefits (consequences) of investing (not investing) for decades down the road.
But debt?
Anyone who has lived with debt knows the crushing feeling of that debt every single day. This makes getting out of debt the financial goal that people are most motivated to achieve.
Debt is also unavoidable — especially for young people who have to grapple with the historic costs of education and housing.
Rather than subjecting you to a 10,000-word post, I’ve broken the topic of debt into three parts, which we will cover in the coming weeks in the Dollars & Decades series:
- In this first part, I explain why debt is not evil and how to navigate the eight most common forms of debt.
- In part two, I’ll review the importance of your credit score, how debt impacts your credit score, and how to repair it.
- In part three, I break down the most effective strategies to pay off debt…
