Make a budget, organize your loans, and put your money to work to knock out your debt.
Getting into debt is easy. Trying to get out of debt is the hard part.
Total household debt in the U.S. is more than $13 trillion, a record according to a recent report from the Federal Reserve. That comes out to about $137,000 per household. While the majority of that debt is for mortgages, households have also racked up a staggering $17,000 in credit card debt, on average, and $37,000 in student loan debt.
Even if you don’t have credit card student loan debt, it’s possible you have other types of debt, such as auto loans, or medical bills.
So, how can you dig yourself out of the hole and get out of debt? Here are some common strategies: