Utah households have nearly $80,000 of personal debt, on average, and that figure is growing. The Salt Lake Tribune talked to two experts about tips for managing personal debt.
Growing debt is a combination of higher costs and human behavior, said Jessie Fan, a professor at the University of Utah. A sign advertising mortgage rates is found in Salt Lake City, Friday, Oct. 13, 2023. Average interest rates now are more than double what they were in early 2022.Learn about compound interest, finances in generalBut there isn’t a lot of education around debt and finances, Sherrell said. Banks and credit unions try to help, she said, but parents should start at home early teaching their kids about financial responsibility.
Fan added people who already have a lot of debt should “really work on changing spending habits to not create new debt.”Debt is not completely avoidable, Sherrell said, but people can minimize the negative impact and should stick to their budget and reevaluate their spending as needed.