According to the Federal Reserve, in 2004, 46% of American families were strapped with [tag]credit card debt[/tag]. How much debt? $5,100 on average, as our Foolish colleague Nathan Alderman pointed out. And that’s just credit cards. Factor in [tag]student loans[/tag], [tag]car loans[/tag], [tag]home-equity lines of credit[/tag], [tag]mortgages[/tag], [tag]second mortgages[/tag], [tag]vacation-home mortgages[/tag] … yup, our nation is in debt’s unforgiving clenches.

However, if you are in credit card debt, it’s absolutely crucial that you develop a plan now to pay it off and get your bank account going in the right direction (up). And beyond that, it’s important to make sure you save — and eventually invest — for the future.

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