{"id":1423,"date":"2019-05-21T01:00:00","date_gmt":"2019-05-21T01:00:00","guid":{"rendered":"https:\/\/www.washingtonfamily.com\/2019\/05\/21\/smart-strategies-to-help-pay-off-debt\/"},"modified":"2019-05-21T01:00:00","modified_gmt":"2019-05-21T01:00:00","slug":"smart-strategies-to-help-pay-off-debt","status":"publish","type":"post","link":"https:\/\/www.washingtonfamily.com\/smart-strategies-to-help-pay-off-debt\/","title":{"rendered":"Smart Strategies to Help Pay Off Debt"},"content":{"rendered":"<p>(StatePoint)\u00a0From car loans to student loans, credit card balances and other revolving debt, U.S. consumer debt is higher today than ever before.<\/p>\n<p>Indeed, that figure\u00a0now exceeds\u00a0$4 trillion for the first time, according to CNBC.com 2019 estimates. To reduce and eliminate your own debt, consider the following tips:<\/p>\n<p>\u2022 Review where your money is being spent. Create a budget for monthly expenses and stick to it.<\/p>\n<p>\u2022 Get inspired by expert-touted financial strategies and pick one to follow. One popular example is the debt snowball plan, whereby you pay off bills smallest to largest, no matter the interest rates. Or, use the debt avalanche method, paying off highest interest rate debts first, or balancing transfers to credit cards with the lowest interest rate.<\/p>\n<p>\u2022 Fifty-eight percent of Americans report less than $1,000 in total savings, according to a 2018 GOBankingRates survey. Without an emergency fund, unexpected expenses can quickly become a crisis,\u00a0throwing you off track. Work toward growing a savings fund, even if it\u2019s just $500 to $1,000.<\/p>\n<p>\u2022 If a retirement savings program is offered by your employer, participate. Of Americans 55 and older, 48 percent have nothing put away in a 401K-style contribution plan or individual retirement account, according to the U.S. Government Accountability Office. Many employers offer matching programs, which is essentially free money. Don\u2019t leave it on the table! \u00a0<\/p>\n<p>\u2022 If your company offers an employee purchase program, consider enrolling, as this can offer you greater financial flexibility. One example is Purchasing Power, one of the fastest-growing voluntary benefit providers,\u00a0which gives workers the option to pay for consumer goods and services over the course of six\u00a0or 12 months through automatic\u00a0payroll deduction. With no interest on the purchase, no fees and no credit check, this a viable way to break the cycle of predatory lending options.<\/p>\n<p>\u201cThose high-interest credit cards, payday loans, pawn, title pawn and rent-to-own contracts might all look like lifelines when you\u2019re faced with a necessary expense you can\u2019t immediately afford, but they can be traps leading to compounding interest rates and hidden fees,\u201d says Richard Carrano, Purchasing Power CEO.<\/p>\n<p>For more information, visit <a href=\"https:\/\/www.purchasingpower.com\" rel=\"nofollow\">purchasingpower.com<\/a>.<\/p>\n<p>\u2022 Leverage any other financial wellness benefits offered by your employer, like budgeting tools, financial counseling and automated savings and bill-paying services.<\/p>\n<p>\u2022 Engage family members in your efforts. Together, celebrate small wins achieved each week or month. Remember, don\u2019t be too hard on yourself. It\u2019s a marathon, not a sprint.<\/p>\n<p>U.S. Consumer debt may be at an all-time high, but it doesn\u2019t need to be for you personally. Get inspired to gain a solid financial footing.<\/p>\n<p><p style=\"text-align: center;\">*****<\/p>\n<p>Photo Credit: (c) tirachard \/ stock.Adobe.com<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/feeds.statepoint.net\/townnews\/placement.ashx?t=c&amp;id=6480&amp;l=en-US&amp;r=1558415429245.41\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(StatePoint)\u00a0From car loans to student loans, credit card balances and other revolving debt, U.S. consumer debt is higher today than ever before. Indeed, that figure\u00a0now exceeds\u00a0$4 trillion for the first time, according to CNBC.com 2019 estimates. To reduce and eliminate your own debt, consider the following tips: \u2022 Review where your money is being spent. [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":1424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Smart Strategies to Help Pay Off Debt - Washington FAMILY Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.washingtonfamily.com\/smart-strategies-to-help-pay-off-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Smart Strategies to Help Pay Off Debt - Washington FAMILY Magazine\" \/>\n<meta property=\"og:description\" content=\"(StatePoint)\u00a0From car loans to student loans, credit card balances and other revolving debt, U.S. consumer debt is higher today than ever before. Indeed, that figure\u00a0now exceeds\u00a0$4 trillion for the first time, according to CNBC.com 2019 estimates. To reduce and eliminate your own debt, consider the following tips: \u2022 Review where your money is being spent. 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