Debt is a financial obligation that arises when an individual borrows money from another party, usually with the expectation of repaying the principal amount along with interest over a specified period. In its essence, debt allows individuals to access funds they may not currently possess, enabling them to make significant purchases or investments, such as buying a home, financing education, or starting a business. While debt can serve as a useful financial tool, it also carries inherent risks that can lead to long-term consequences if not managed wisely. There are various forms of debt that millennials may encounter throughout their lives. Credit card debt is one of the most common types, often accruing high-interest rates that can make repayment challenging. Student loans are another significant burden for many in this generation, as they often leave graduates with substantial financial obligations before they even enter the workforce. Additionally, personal loans, mortgages, and auto loans are prevalent forms of debt that can aid in achieving immediate goals but may also create ongoing financial stress if not handled with care.