A short – financial commitments that are due in a year or within a typical operational cycle are known as current liabilities.
As of the 2nd period of 2022, American consumers owed more than 16 trillion dollars. Mortgages comprised the majority of such a debt, totaling about 10.4 trillion dollars. The second-largest element, amounting to 1.59 trillion dollars, was student loan debt.
Debt that can be used to increase wealth or income throughout time, such education loans, mortgages, or company loans, is referred to as "good" debt. Credit card debt and other consumer debt are examples of "bad" debt because they have minimal impact on your financial situation.
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