America Saves Week Day 4 - Paying Down Debt is Saving
Many view the process of saving as solely putting aside extra cash. The process of saving expands beyond that and includes the process of paying down debt. There are many natural benefits of reducing your debt, including saving money on interest and fees, increasing your credit score, and gaining more disposable or discretionary income to allocate towards a savings account or emergency fund! Perhaps the best benefit of paying down debt is reducing your stress!
While being in debt might feel isolating, you're not alone. Almost 80% of Americans have consumer debt. Whether it be from a credit card, student loan, or mortgage — understanding how debt works, knowing where to go for help, and making a plan are the keys to help you better manage your debt. If you're reading this blog, you already have the most important thing you need to get out of debt...MOTIVATION. We suggest taking a look at this great blog (Tips To Help You Reduce Debt and Pay it Off For Good. | America Saves) from the America Saves Week team, which provides tried and true methods to reduce debt.
Resource of the Day: Our Financial Learning Center offers a quick run down on debt management that can help you work towards tackling your debt: Debt Management