Having a plan in place and implementing different debt payoff methods will help.
If all else fails, there are professional debt management strategies.
Theres no shame in asking for help.
Find out more tools and tips to help you along the way.
We Dare You to Take Control of Your Debt
Up for a debt challenge?
In 10 days,these 10 practical stepscould help you get back on the right financial track.
Write down the total amount and the interest rate affixed to it.
The average credit card interest rate is a whopping 24%.
Medical Debt
One of the most debilitating forms of debt is medical debt.
As of February 2024, Americans collectively owe around$220 billion in medical debt.
Extended hospital stays, cancer treatments and emergency care can all result in hefty bills.
Various Loans
Another common key in of debt is money owed on loans.
Auto, personal and student loan payments can pile up, easily leading to penalty fees.
But it doesnt hurt to consider some of the more popular debt payoff methods.
Avalanche Method
The avalanche method takes a slightly different approach than the snowball method.
This method is helpful when dealing with high-interest debts like credit card debt.
Some people see a more manageable monthly payment and feel comfortable spending more money again.
Ask Your Bank
One of the best places to look for debt repayment information is your bank.
Or if you prefer audiobooks, find free downloads through library apps like Libby.
Online debt calculators are also great tools for figuring out how to pay off debt.
Heard of These Credit Card Debt Tips?
But millions of Americans overlookthese easy tipsthat could help them manage credit card debt even more wisely.
Read moreto boost your credit knowledge and keep your credit score in check.
Everyones financial situation is different, so this is never a one-size-fits-all scenario.
Setting Goals
so you can set meaningful finance goals, ask yourself what matters most to you.
Are you hoping to pay off your debt before a big life event?
Is one particular debt hanging over your head?
Do you should probably get your credit card bill under control for your mental health?
The answers are different for everyone.
Try setting weekly, monthly, quarterly and yearly goals toward your debt repayment to keep you on track.
Budgeting
To stick to your goals, you need a budget.
For some people, withdrawing cash each month helps them store money away until payments are due.
For others, using a budgeting app connected to your bank account is enough to stay on track.
The easiest way to stick to your debt repayment plan is to set up automatic monthly payments.
you might even leave sticky notes around the house if it helps keep you accountable.
Check-in Often with a Friend
Find a debt payoff buddy and keep them updated.
Schedule weekly texts or monthly phone calls or coordinate online.
Drowning in Expenses?
Maybe youre scrambling after your car broke down.
Or you got a medical bill you werent expecting.
Or inflation has finally pushed your budget over the edge.
You dont need to go it alone.
When money is tight,these resourcescan help you manage unexpected expenses without stress.
