With the current problems in the housing market, it is often easy for some consumers to forget that all financial obligations owed to others are considered debt. There is a quiet form of debt as well, and this debt is often what leads people into financial trouble.
This quiet form of debt can be called self-serving debt for lack of a better term. It comes about through the money we spend each month on those things that do not have come with a monthly statement. We all know about consumer debts such as auto loans, home mortgages, rent, and credit card bills. It is hard to forget about those especially as we are reminded at the end of the month through the monthly statements we get. Quiet debt is different. It is associated with those things that we need to have, or at least those things we think we need to have, that we purchase during the month.
Many consumers are amazed at how much they spend during the course of a month on items that are not usually considered debts. Things such as groceries, gasoline purchases, money spent on entertainment or clothing. The list is long and varies from one consumer to another, but one thing is common with all: these costs can...
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