From credit cards to student loans, carrying some form of debt is very common. For example, Experian’s latest annual State of Credit 2020 report estimates that Americans carry an average credit card balance of $5,897, mortgage debt of $215,655, and non-mortgage debt (such as car loans or student loans) totaling $25,483. Many people use debt wisely to help finance goals that increase net worth and quality of life, such as earning a college degree, buying a home, or launching a small business.