It’s a sad, yet simple, truth, that once you’re in debt, you tend to stay in debt.  Debt has a sticky quality to it, almost like gum that gets stuck in your hair.  According to research conducted by the University of Chicago, people who are in debt now will most likely be in debt five to ten years from now.  The only difference will be that they are in even more debt.  This survey surveyed 6,000 adults born between 1957 to 1984.  People who were in debt at age 20 had an average debt of $10,900.  Five years later, this figure quadrupled to $43,700.  And so it goes. (more…)