It is not unusual for people to have $10k, 20k, 30k or even $100k worth of consumer debt. Examples of consumer debt are personal loans, car loan, hire purchase, credit card, payday loans, loans to your friends and family. Consumer debt is also very expensive as on average you pay 20% interest rate for using the credit.
Credit cards can be long-term financial traps as people only make minimum monthly payments and reuse the credit without getting the balance down. If you have a $1000 and pay $30 per month it will take you 4 years to pay it off! Do you really want this “rope around your neck” for that long?