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hen it comes to financial matters, many Americans find they are in over
their heads. Americans owe $12.84 trillion — with $1.1 trillion on car loans
and $1.021 trillion in credit card debt alone.
With so much owed, it's not surprising that debt is the No. 1 cause of financial
stress, with 22 percent of adults saying their biggest fear is never being able to retire.
Another 20 percent fear living paycheck to paycheck indefinitely.
"Starting from student loans to get an education, followed by loans on cars and
houses and then medical loans, debt has become a part of life for young people
before they enter the workforce and follows them into retirement," agrees Andrea
Hasler, assistant research professor in Financial Literacy at the Global Financial Literacy
Excellence Center (GFLEC).
Despite these scary stats, there are ways to climb out of the debt cycle and start
achieving goals such as completing your education, getting married and buying a
home. Here are four steps to getting your
financial life back on track.
