Get Out of Debt

Getting out of debt is the #3 goal Savers select when they pledge to save. That does not come as a surprise since a 2012 survey showed that 45% of families with annual incomes under $50,000 rely on credit cards to pay for basic needs such as rent, utilities, insurance and food. Large consumer debts can also keep you from saving and building wealth.

The good news is that there is hope. With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth.

Are you in Trouble?

If you answer “yes” to any of the following questions, then you probably need to get your debts under better control:

  1. Can you only afford to make minimum payments on your credit cards?
  2. Do you worry about finding the money to make monthly car payments?
  3. Do you borrow money to pay off old debts?
  4. Have you used a home equity loan to refinance credit card debts, then run up new revolving balances on your cards?

The following pages will help you learn more about debt, how to get out of debt, and where to find help:

  

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • Tip to #Save: Pay off Credit Cards as Soon as Possible. http://ow.ly/FJyDM via @Bankrate

Share Your Tip or Story

And if we feature you in our newsletter, you get $25.

Share

Saver Stories View all »

Starting and Continuing a Personal Finance Journey

When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer Business Institute during her sophomore year of high school, she began her personal finance journey. The program required participants to open a savings account.

Read more...

Coping with a Lost Job

Aimee Shaffer worked as a Public Service News Director for radio for years until one day her employer downsized the company, resulting in hundreds of lost jobs, including Aimee’s.

Read more...

Taking Back Control Over Finances

After becoming a Virginia Saver and getting help from BankOn classes and coaching, Nadine Bialo took back control over her financial affairs.

Read more...

Receive Updates

Sign up for Texts

Read more...

Sign up for Emails

Get Emails

Take the Pledge

 

Start Saving