Alaskans fight debt in tough economy

Debt. The four letter word nearly everyone tries to avoid.

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by Victoria Taylor

ANCHORAGE- Debt. The four letter word nearly everyone tries to avoid.

Nationally, the end of 2013 saw  a spike in the amount of loans taken out by individuals, but does borrowing money ewual higher debts?

27-year-old Sonny Minhas is one Alaskan trying to put the brakes on debt.

"I've managed to avoid students loans by just borrowing money from my parents and paying them back." A decision he says was born from a robust habit of retail therapy  in the past.

For the most part, Alaskans seem to be tightening their belts and trying to consolidate, noted especially by bankers like Paula Perry, Store Manager of a local Wells Fargo.

"We've been seeing this for awhile, but really addressing it with people in the new year, and setting them up for success in the new year."

She says there seems to be a misconception that taking on more loans to stabalize current debt actually means a harder hit on your wallet, noting that consolidation of debt can make for a speedier pay out.

Whatever option chosen, Alaskans have many ways to add some green to their bank accounts.