Top Debts

 Debts are increasing in everybody's life around the world due to the financial shortages. Debt may seem to help people but sometimes it creates more problems.Many people are relying on debts for their everyday life. This may help them at that time but it may lead to many problems in the future. People borrow many types of loans. People should try to avoid debts and pay their currents debts as quick as possible. Let's talk about different types of debts.

Credit card debts: A debt used by many people everyday. Its a small plastic which helps people in buying without having money. Credit card helps you to afford something which you can't afford. Everyone likes t get more than what he\she should get and it may look good for sometime but it will show its cause in the future. To know more about problems in credit card debts check out here.
Students loan: This is loan for education purpose. You may think that students loan is good for your future. But it not as good as you think. This is the place where all your debt cycle starts from. You invest a huge amount in your studies. But at the end of the graduation all you get is a huge debt and a small job. You spend 10 to 20 years of your life in paying it. Those 10 to 20 years are the most important part of your life. In those years you pay the loan installment first and then take the balance amount of your salary to home. Your balance salary will not be enough for other expenses. Then you will have only one option left and that will be getting other types of debt.
Home Loan: I can never consider it to be a bad form of debt as I have a home loan. Fankly speaking I dont think it as a debt. I consider it as an investment. I purchased a home a year ago and now its value is double of my loan amount. Home loan will be considered to be bad only when people buy without thinking. Before applying for a home loan one should think of many things like whether they can manage their life with the balance amount and any other expense they have in the future which can affect their life. Even though its like an investment, you should never get a situation where you sell your home to pay off the debts.
Auto loan: When I was in college, I used to walk 4 miles to go to college from home. Many of my friends suggested me to buy a car, but the only thing I said was that "I don't wanna spend thousands of dollars for a car on which I have I to spend few dollars for gas every week". I prefer walking over riding a car( another truth is that I am a lazy guy and I can't maintain it. I prefer sleeping instead of  washing and cleaning it in the weekends). Even now I prefer in using the public transport. I dont wanna spent huge portion of my earnings in paying for the auto loan. I have many things to buy.
Retirement loan: A retirement fund your investment. Its investing in your future. I dont prefer you to get retirement loan .i.e 401k loans as it will restrict you from moving away from your employer and getting a new job. You should consider many things before taking a retirement loan like cost of loan, its effect and the purpose. It depends but try not to use it untl you its the only option for you.
Personal loan: Personal loans are the borrowings from family and friends. Many prefer it as its easy to get it. I never prefer personal loans as it may cause the relation.
Did you ever calculated the extra money you paid(or will pay) in all the debts. Its easy to calculate it. Think on how much you can save and how you can use them