No matter which method you choose, rest assured, you’re not alone.
Whether it’s a looming mortgage, a new car, student loans or credit cards, most of us owe money on something. Americans’ household debt reached a new high in the first quarter of this year, hitting $13.2 trillion, an increase of $63 billion over the previous quarter, according to the New York Fed.
It’s easy to feel ashamed about debt and to be hush-hush about it, but talking about it openly among those you trust can be a key first step towards getting out of it. After all, sometimes the best way to get started is by acknowledging the reality of the situation you’re in. Don’t be afraid to ask for advice from mentors who have struggled with debt and succeeded in getting out of it. Someone who has experience with debt management can help you make a more informed decision.
Better yet, talk about it with a certified financial advisor. That might not be a feasible option for everyone, particularly when you’re struggling with the added burden of debt. But if you can afford it, a financial advisor can you help you map out a strategy that works best for you.