A large share of Americans say one of their top financial resolutions is to pay off burdensome debt in 2023.
Make a budget and understand how much money you're earning and spending each month. For example, lower your spending by culling your streaming subscriptions or cutting out an expensive gym membership. Increase your income by selling unwanted goods, taking on a side gig or"Then you will have extra money to put toward actually paying off that debt," Brewer said. Experts also suggest tallying up your existing debt and writing it down in black and white.
"Debt is often started and compounded by a lack of organization," said Emily Irwin, senior director at Wells Fargo Wealth and Investment Management."Track your spending and make a list of your expenses including your monthly debt payments on student loans, auto loans, and things that are fixed and nondiscretionary."
In other words,"Do a financial check-in to make sure you're not overspending on a monthly basis," she added. Also make sure you're aware of the interest rates associated with each debt load. It can be hard to locate the interest rate you're being charged on debt through a lender's mobile app or website, but they are required by law to disclose that rate on your statement. Focus on paying down high-interest debt first, since it's the most expensive to carry. It's also worth contacting your lender and asking for a lower-interest rate.
"Call your credit card issuer and ask for a lower rate. It's one of those things that sounds kind of absurd, but about 70% of people who ask for a lower rate on their credit card get one," said Matt Schulz, chief credit analyst at LendingTree."It is worth the call, given how high those success rates are."
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