00:00Credit card debt, mortgages, auto loans, and student loans are all on the rise, according to a NerdWallet 2022 study.
00:08In fact, the average amount of household debt in the U.S. increased 7.65% from the year before,
00:14which means it's time to start paying some of it off.
00:18What is the best way to tackle your debt?
00:21These finance experts have some suggestions.
00:24The first step is to know what you owe.
00:26Janice Torres, a creator and host of a personal finance podcast, says,
00:31gather your statements and create a spreadsheet or list with the following information for each debt.
00:37How much do I owe?
00:38Who do I owe it to?
00:39What's the minimum payment required?
00:41And when is it due?
00:43What is the interest rate?
00:45Then HuffPost says to find an accountability partner.
00:48An accountability partner will help you stay on track and will increase your chance of success,
00:53reminds Danny Pascarella, founder and CEO of 111 Financial Wellness.
00:58Setting realistic goals and strategies will help you actually stick to debt payments long term.
01:04Samantha Gorelick, managing financial planner at Brunch and Budget, says,
01:08decide on a strategy and stick with it.
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