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Essentially, you are taking todays income to pay for purchases you made yesterday.
He emphasized that there are different types of debt.
GOBankingRates broke down the major debt barriers standing in the way ofAmericans financial plans for this year.
Common Types of Debt
To what extent are Americans struggling with debt?
Credit card debt puts you at risk of high, compounding interest rates, Roth explained.
However, he explained that people can take steps to turn their situation around.
Focus first on paying down high-interest debt, seeking lower interest rates through consolidation and building an emergency fund.
Increasing income through side gigs or skill development can also help you regain financial stability.
These steps, Roth noted, are all key to managing debt.
Turning to a financial planner is another step people can take to tackle their debt.
Roth stressed that the best time to seek a financial advisor is now.
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