Across the world, household debt levels are growing. However, you can be in debt yet still be financially healthy. The key to debt is only to borrow what you can afford to pay back comfortably.
Steep increases in house prices have led to an increase in mortgage and household debt in China, leading to concerns about growth in the world's second-largest economy.
Avoiding too much debt takes discipline and hard work. Saving for a home is a worthy aspiration, but it may mean cutting back on other expenses to achieve it.
Excessive borrowing is any amount of debt that you can't comfortably manage. There are several signs to look out for:
Avoiding excessive borrowing can be difficult, especially if you are already struggling to meet your monthly outgoings. If it feels like your debt is getting out of control, you should consider seeking specialist help from a free debt charity or related organisation.