Americans in Debt: A Growing Problem.

We all know that managing debt is a big part of living a wealthy life. But what about those of us who don’t – or can’t – manage our debt? What happens to us?

Well, there’s a great article on today’s NYTimes.com about Americans who are way in over their head in debt. And what they’re doing about it.

The piece by Gretchen Morgenson digs deep into the problem of personal debt in America. And it looks at the big questions, such as “Why do lenders give loans/mortgages to those who will probably have a problem paying them off?”

There’s also a great debt calculator, so you can see where you stand debt-wise in relation to others. For instance, did you know that if you have $25,000 in debt, you have more debt than 50% of families? I didn’t know that.

So, do yourself a favor and check out this article and calculator. And if you’re in debt, find ways to get out of it. It’s a very important part of living a wealthy life.