# Are There Any Effective Ways to Curb Runaway Debt?

Modern-day sages and philosophers pose the question: If jealousy is the green-eyed monster, is debt the facilitator of everything we want? It’s an interesting topic to broach since so many of us are prone to the consumer-driven culture that dominates Western society. Our need for impulse satisfaction typically results in excessive spending and the concomitant debt which results. Many experts have weighed in on this highly contentious topic, with a variety of approaches put forth to manage debt effectively.

There is an age-old proverb that states there is nothing new under the sun. For many of us, we already understand the time-tested advice of financial gurus including the following:

• In 1999 credit card debt per borrower in the United States averaged around $2,370, but by 2016, that figure increased to$2,859. States with high levels of credit card debt include Alaska at $4,110 per borrower, Minnesota at$3,080, New York at $3,520, and Georgia at$2,890.
• In 1999 automobile loans were hovering around $1,830 per borrower in the United States. By 2016, the average automobile loan debt spiked to$4,286 per borrower. States like Texas rank high at $6,370, New Mexico at$5,220, Wyoming at $5,070, and Georgia at$4,940.
• In 1999 student loan debt averaged around $530 per borrower in the United States. Fast-forward to 2016 and that figure reads$4,985. States with high levels of student loan debt include Georgia at $6,340, Washington DC at$12,200, Maryland at $6,010, and New York at$5,550.