Just like having a plan for saving is important, so is having a plan to pay down your debt. Recent reports show that individuals have increased their usage of credit cards due to the ongoing inflation and rising costs of our basic needs like housing, food, and transportation.
Couple that with the return of student loan debt repayment and the interest rates increase, and the ability to pay down debt is exacerbating the savings crisis, hindering the ability to save for emergencies and remain financially stable for many Americans.
We want to remind you that paying down your debt is an essential component of savings.
Today, We encourage you to:
- Check your credit report
- Grab your credit score at annualcreditreport.com
Check out these resources from our friends at America Saves to support you today:
- BLOG POST: Tips to Increase Your Credit Score
- VIDEO PLAYLIST: Tackling Debt
- PODCAST EPISODE: How Do I Pay Down Debt?
If your current goal is to reduce debt, we encourage you to identify your money story with America Saves for encouragement, accountability, and support along the way!