Get to know your debt

Find out if the dollars owed on your balance sheet are good or bad.

Get to know debt

GOOD DEBT

Mortgage

What to do with it: Keep it. But don't pay more than 30 percent of your family income toward it.

Student Loan

What to do with it: Choose wisely. Look for federal loans, which have flexible repayment options and fixed rates.

BAD DEBT

Credit Card

What to do with it: Dump it. If you can't pay off your cards in full each month, see a credit counselor (go to nfcc.org).

Car Loan

What to do with it: Pay it off ASAP. If you have to borrow for more than four years to get the car, you can't afford it.

Payday Loan

What to do with it: Avoid it. These loans carry triple-digit interest rates, so stay away from them.