American consumers owe more than $3 trillion in debt.  Most of this debt is due to common “traps” that many Americans fall into every day.  For example, few consumers have an emergency fund to cover expenses in the event of job loss or a temporary decrease in income.  Another serious problem is the loss of a partner.  Without sufficient savings and/or life insurance, the surviving spouse is left with the burden of paying for all expenses plus carrying the debt.

For ways you can avoid these debt traps and others read, “5 Common Debt Traps and How to Avoid Them.”