Dos And Don'ts Of Digging Yourself Out Of Debt
Americans now have record-high credit card and student loan debt, amounting to a total of nearly $3 trillion in 2018. What should you do to eliminate debt responsibly and achieve financial freedom?
According to a 2017 CNBC article, 157 million Americans (more than 62 percent of the country's adult population) have credit card debt and 44 million (17.5 percent) have student loan debt to pay off. Millennials carry an average debt of $36,000.
Addressing financial issues can be confusing and overwhelming, but it doesn't have to be a life sentence. Lifting the burden of debt is possible, but requires work and planning.
How does debt factor in to your overall financial health? Can you manage debt and still save for the future?
Should you approach separate kinds of debt differently? What common pitfalls can you look out for?
What are some proven strategies for paying down debt and what are the most efficient ways to manage what you owe? How can you get started on the road to living debt free?
- Beverly Harzog, nationally-recognized personal finance and credit card expert; bestselling and award-winning author of personal finance books including "The Debt Escape Plan" and "Confessions of a Credit Junkie"
- Karan Bhanot, department chair and professor of finance in the College of Business at the University of Texas at San Antonio
- Scott Jaschik, editor of Inside Higher Ed
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*This interview aired on Wednesday, January 30, 2019.