Household debt is on the rise as Americans continue to feel the pressure of record-high inflation in 2023.
Here are 5 easy steps that, with a little dedication and effort, can help you pay off debt and become debt free.
1. List out all your debts: Your payoff strategy should have a clear picture of what and how much you owe and to who.
2. Pick the best payoff strategy: Choose from snowball, avalanche, or consolidation methods while tackling your debt.
3. Review financing options: If you have a high-interest debt, you could try converting it into lower-interest options.
4. Reduce expenses: Cut back on your spends. Lower costs, use a budget and only focus on needs instead of wants.
5. Switch jobs or ask for a raise: If there's a way you can earn more, you can bring in more money to clear your debt.
Once you've tackled the big ones, put some money in an emergency fund. Start investing in your future.
The idea of becoming debt-free may look tough, but it isn't impossible. Start tackling your debt today!