According to a recent study, over 70 percent of Americans named their finances as the most stressful issue in their lives.1 With so many variables like unplanned expenses, bills and seasonal or unstable income, it’s easy to fall behind on payments and other responsibilities.
You probably realize that eliminating debt can you help you in more ways than just saving money on interest. But simply paying off all your debt is much easier said than done — it’s difficult to change your financial habits if you don’t have much wiggle room or have too many bills to manage.
But we’re here to help you find your footing. Take our quick quiz to check in on your finances and find out if you’re on the right track to eliminate your debt.
I follow a tight budget that designates where all of my income goes each month.
I’ve found a way to either increase my income or lower my monthly expenses.
I pay more than the minimum amounts due on my credit bills
I track all of my debts and know exactly how much I owe after each payment.
I have enough money available right now to cover an unexpected $500 bill without using any form of credit.
If I get a bonus or raise at work, I usually treat myself instead of paying down my bills.
I know exactly what caused me to go into debt in the first place.
I look for ways to save money wherever I can — things like cooking from home, embracing cheap or free forms of entertainment, and using public transportation when possible.
Sometimes, I run out of money and I need to use my credit card to cover expenses towards the end of a pay cycle.
I have a group of friends and family with similar financial goals and priorities.