Not all debt is created equal. With that being said, there is no one-size-fits-all approach to managing your debt and avoiding excessive interest, fees and other penalties that could result if not handled properly.
Here are five mistakes consumers commonly make with their debt (and ways to avoid them).
1. Depleting Your Emergency Fund
2. Having No Plan Of Action
3. Getting Caught in the Minimum-Payment Plan
4. Robbing Peter to Pay Pal
5. Ignoring Statements and Credit Reports