(BET) — Debt: It’s a word that many Americans do not like to hear, but lots of people—and governments—have it and must find ways to pay it off. Americans love their credit cards. So much so that the average credit card holder has 3.5 cards, with the average debt per household reaching over $15,000. Though we love our credit cards, amid last week’s new federal debt deal and the U.S.’s 70-year credit rating being downgraded from AAA to AA+, it’s not very comforting to know that America going deeper in debt could make your personal finances fall down a steep slope as well. Americans could be faced with higher interest rates and ultimately, a slower economy.
