Debt is a burden for many people. The worry of it affects relationships, work productivity, health and one’s finances. If you have credit card debt, it can be particularly scary, with interest rates of 20% or more.
If you’re uncomfortable with your level of borrowing, check out these great resources to pay off debt. Also, see the bottom of this page for a personal story of how to reduce debt. You’ll also find a money game to play that makes you smarter about credit cards and banking.
Six steps to eliminating your debt
Here are some debt paydown stategies that really work.
Two minute videos with Jean Chatzky. Under the drop down menu topics, search for “debt” and “budgeting”.
Need a better credit card? If your credit score is good, but your credit card company is hitting you with high interest rates, try calling your card issuer and asking for a lower rate. If that fails, shop for a new card with better terms.
Sometimes a more detailed debt reduction plan is necessary. These books can help. Ask for them at your library, bookstore or online vendor.
Pay it Down – book
See Jean Chatzky’s book Pay it Down–from Debt to Wealth on $10 per day. She writes with a conversational style and provides easy to understand solutions to the debt burdens faced by many Americans. She shows plans for a “Debt Diet.” Highly recommended!
Smart Cookies Guide to Making More Dough – book
A group of young, hip Canadian women inspire us with personal stories of how they ditched their debt and took control of their finances. Written with Jennifer Barrett.
The Money Book for the Young, Fabulous, and Broke
Suze Orman brings her energy to the problem of debt burdens on young adults. Good solutions and action plans.
Read Ellie Kay’s story of moving from $40,000 in debt, to debt-free in under 3 years.