If you’re like 80 percent of Americans, the Pew Research Center says, your personal finances are saddled with some form of debt—and most types are dramatically on the rise. According to a 2020 survey from the credit bureau Experian, consumer debt has increased a shocking 31 percent overall since 2010. Between 2019 and 2020 alone, personal loans have risen 6 percent, mortgage debt by 7 percent, and student loans by 12 percent during that same time period. While strategic borrowing can be part of a sound long-term investment plan in your housing, education, and more, many Americans become trapped in a cycle of debt that’s difficult to escape. But
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