Perspective: Don’t keep debt around like it’s a Pet Rock
For many people, debt has matured into a faithful companion that has been hanging around for years. By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist May 16 For those too young to remember, there was once an entrepreneur who actually got more than a million consumers to pay $3.95 for a “pedigreed” Pet Rock.
For many people, their debt has become like a Pet Rock. It has matured into a faithful companion that has been hanging around for years. And this can be the case even when they have the money to pay down the debt. The choice is often to use credit — debt — or borrow the money from a friend or family member. In fact, the Federal Reserve says 40 percent of Americans can’t cover a $400 emergency expense without borrowing or selling something.Here are some things to consider before raiding your emergency fund and/or investments to get rid of debt.
Ultimately, the goal should be to accumulate, if you can, three to six months' worth of living expenses. But that's a target you should aim for after you've gotten rid of consumer debt .
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