Tips to Help Decrease Your Debt

Consumer debt in the United States is at an all-time high, reaching over $16 million in 2022. If you're one of the millions of Americans who need help with bills, that debt can feel like a massive burden. Decreasing your debt is an uphill battle, but it's possible with the right strategy and vigilance. Follow these tips to lower your debt and improve your financial situation.

Resist the Urge to Take on More Debt

It's easier than ever to get a loan or credit card. You likely get tons of offers in the mail or get asked about opening a new line of credit while shopping at your favorite store.

Don't take the bait. It's better to pay down what you own before considering taking on more debt. Avoid unnecessary purchases, create a budget and toss those offers in the bin. Take control of your finances and get help with your bills. Apply now and get the relief you need.

Pay Every Bill On Time

Do your best to keep your bills from falling behind. Make every payment on time. Not only does that help you build and maintain your credit score, but it helps you avoid pricey late fees. Late fees can get you into a cycle of debt that feels impossible to escape.

Prioritize High-Interest Debts

When strategizing your debt-reduction plan, look at the interest rates of all your loans and credit cards. Focus on the debts with the highest interest rates. Pay those down first.

The bills might be lower, but higher interest rates mean you're paying more in the long run. You can end up paying several times your original balance.

Consider Consolidation

Consolidation is a great way to manage your debt payments. Instead of paying multiple creditors, you can get a consolidation loan to combine them into one monthly payment. Shop around to find a loan provider that offers a reasonable interest rate, helping you replace those high-interest debts with something more manageable.

Work with Creditors

If you need help with bills, it pays to reach out to creditors. Many loan and credit card providers are willing to work with you. They may put you on a more manageable repayment schedule, helping you reduce payments and avoid late fees.

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