Most people have debts. Few manage them well.
For many of us, the largest debt we have is a mortgage on top of which some will be paying off a car loan or a bank loan. Debt is almost inevitable these days, especially when you include credit and store debit cards. And with debt comes interest payments. A standard principal and interest mortgage can result in a home buyer paying up to four times the built value of a home over a 25 year mortgage period. Buy a pair of shoes on credit and, unless you pay off the full amount on your card every month, you’ll have paid a lot more than the price on the ticket.
This is why it is a good idea to keep a firm grip on all your debts and make sure you do all you can to manage then efficiently in ways that minimise interest payments.