If you’re struggling to see a future beyond debt, the idea of settling that financial burden is probably appealing. If you could just get those debts paid off and out of your hair, then you’d be able to stop worrying, and you wouldn’t feel anxious every time the phone rings.

When it comes to refining the skills we need to successfully navigate adult life, financial competency is essential. As a parent, it’s your responsibility to teach your children important lessons about money that will help them to avoid (or at least be prepared for) some of the cash worries that we face as adults ourselves.

We often hear from people who, through no fault of their own, have found themselves in a situation where their payments are more than they can afford. In some cases, an emergency expense suddenly depleted their budget, or they lost their primary source of income.

One thing is certain: debt flows downward. If the chief financial officer of a company is struggling with debt, the lower level employees will inevitably face the consequences of his or her debt. You might say, when it comes to corporate debt, “one bad apple spoils the whole bunch.” If you’re not making responsible financial decisions, your entire company will suffer.