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The 5 Most Effective Ways To Eliminate High-Interest Debt

Millions of Americans are buried in high-interest debt. This is the most dangerous type of debt. Largely associated with credit cards — which sport interest rates averaging 21.51% as of the second quarter of 2024, according to research from LendingTree — high-interest debt accumulates quickly if you don’t pay it off in full every month.   Find Out: 6 Things the Middle Class Should Sell To Build Their Savings Learn More: 7 Reasons You Must Speak To a Financial Advisor To Boost Your Savings in 2024 Carrying high credit card debt has several negative effects; it can damage your credit score…

By Nicole Spector
Debt problem.

Top Metros for Debt by Generation

With age may come more wisdom, but debt doesn’t necessarily move up or down in a straight line as you get older. As data from a LendingTree study reveals, debt by generation zigs and zags.In analyzing the credit reports of LendingTree users across the 100 largest U.S. metros, the results show the following median non-mortgage debt balances: Gen X (ages 44-59): $33,859Millennials (ages 28-43): $30,558Baby boomers (ages 60-78): $18,779Gen Z (ages 18-27): $16,562 These results could indicate that debt accumulation can occur as you age, considering that Gen Z may not have had much time to rack up debt, whereas…

By Jake Safane
Life's a beach with you.

$10K Or More in Debt? See If You Could Become Debt-Free (For Less Than You Owe)

$10K Or More in Debt? See If You Could Become Debt-Free (For Less Than You Owe) Life’s a beach with you By GOBankingRates Staff It’s so easy for debt to slide out of control — even for the most responsible people. Maybe something unexpected happens, like a divorce, an expensive car repair or you lose your job.  The next thing you know, you’re looking at $10,000 or more in debt. And thanks to those crushing interest rates, you might struggle to even make the minimum payments, let alone get ahead. But if you have $10,000 or more in debt, a…

By Nick Friedman
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The Impact of High-Interest Debt on Financial Health

Are you considering taking out a new high-interest loan or opening a credit card? Do you already have high-interest debt? In either case, you may be wondering how this debt can impact your long-term financial health.  Though it can be relatively easy to rack up a large amount of debt at a high interest rate, it may not be the best decision for your long-term financial picture. In fact, the cost in both time and money of this type of debt can have a devastating impact on your financial health. Read Next: I’m a Retired Boomer: Here Are 3 Debts…

By Joshua Rodriguez

Must-Knows About Debt

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This is The Single Most Overlooked Tool for Becoming Debt-Free

By Vance Cariaga
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I Got Caught in a Debt Spiral: Escaping Wasn’t Easy, but Here’s How I Did It

By Jamela Adam
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5 Ways To Restore Your Credit With Six Figures of Student Debt

By Chris Adam

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Tip 01

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Tip 02

Budgets are key to cutting expenses and paying down debt. Start a budget and consider these apps and spending tips.

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Karina B. was able to resolve her debt for less than what she owed — and in less time than with minimum payments.

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This calculator is for demonstration/educational purposes and is not a guarantee of the savings or timeframe to complete a debt resolution program. The estimates provided do not take into account risks of enrolling in such program, including impact on credit, potential for collection activity such as legal demands or lawsuits, or potential increases in debt owed due to interest and penalties. The calculations are based entirely on consumers who have completed National Debt Relief's debt resolution program in approximately 24-48 months and realized total savings of 23.1%, including program fees. Fees may vary by state and some creditors are more willing to settle than others. Not all clients complete the program for various reasons, including their ability to save sufficient funds. The "New Estimated Payment" is the amount of money estimated as necessary to be set aside each month and used towards settlements with creditors and program fees. The longer the estimated program, the lower the monthly payment; The shorter the program length, the higher the estimated necessary monthly payment. Calculations are based on the total savings of 23.1%. New Monthly Payment: ((1-23.1%)*(Estimated Balance Owed))/Desired Program Length. Savings Off Principal: Estimated Balance Owed - ((1-23.1%)*Estimated Balance Owed). Total Estimated Savings: 23.1%.

Debt Tips & Tricks

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9 Ways To Get Debt-Free While Preserving Wealth

By Cindy Lamothe
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I Racked Up $370,000 in Debt: 4 Strategies I Used To Pay It Off Quickly

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Paying Off Debt as a Couple: 6 Tips for a 2-Paycheck Household

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