There are countless ways to wind up in the red, and many of them start with the best of intentions. Seemingly smart investments, luxury purchases you thought you could afford and once-in-a-lifetime vacation deals can all place you in the chokehold of compound interest.

So Over Debt identifies three types of debt and suggests ways to avoid or crawl out of it:

* Impulse. Spur-of-the-moment purchases can crack your nest egg and leave you scrambling to recover. To get out, curb your access to credit and chip away at your balance.

* Crisis. Medical and financial catastrophes can push you to the limit in order to survive to pay another day. Once you get back on track, build up a reserve fund to guard against the next crisis.

* Calculated. Taking out student loans and investing beyond your means can pay off in the long run, but can also backfire. Be aware of the terms of your financial arrangements, and make contingency plans to fall back on if your plans go awry.

The 3 Types of Debt (and How to Get Out) [So Over Debt]

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