If you’re feeling like your debt balances are starting to weigh you down, you’re not alone. According to a recent study, 80.9% of baby boomers, 79.9% of Gen Xers and 81.5% of millennials carry some form of debt. NerdWallet reports that, on average, households with credit card debt owe $7,486 in revolving balances, and those with student loans owe $58,238.
Not only does debt tie up your cash flow with monthly obligations, finance charges can end up costing you hundreds, if not thousands of dollars each year - money that could be put towards other things such as an emergency savings fund and/or a retirement account. That’s why paying off debt is one of the most important steps in securing your long-term financial freedom. While paying off debt can seem overwhelming, following these five simple tips will help you get rid of debt in less time than you might think.
No matter how much you owe, making a plan, combined with a little bit of discipline, will help you get out from under the weight of debt before you know it. Doing so will not only ease your mind, it will also help secure your future financial success.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.