Today, millions of Americans are facing a serious amount of debt. The average U.S. household has over $15,000 in credit card debt. [1] That’s a hefty amount to pay off, especially when you factor in the interest that accrues over time. High credit card balances can also be damaging to individual credit scores, which drives up the costs of everything from mortgage rates to insurance premiums. [2]
Additionally, most student loans can’t be forgiven, even if you declare bankruptcy. The same rule can apply to other debts, too, including some credit card balances and tax bills. Failure to pay can have serious consequences, like freezing of assets or wage garnishment. [3]
Meanwhile, wages haven’t budged much while the burden from borrowing continues to rise. The result? Today’s average U.S. household has a total debt of more than $128,000. [1] While it’s good to know you aren’t alone in your financial struggles, it doesn’t solve the issue of getting rid of debt before it drags you down any further.
Finding a way to get rid of debt without going broke is a priority for many Americans, but it can be difficult to come up with a plan of attack on your own. Fortunately, there’s a simple way to face debt with confidence and, surprisingly enough, you’ll learn more about it just by watching your favorite sports teams compete. That’s because to truly take debt down, you need to think like an athlete. The pros use smart strategies to prevail over their opponents—why shouldn’t you do the same with your debt?
Conquering this money mess isn’t easy; if you want to save on interest and cut back the time spent paying debt down, some sacrifices will be necessary. But with the right strategy, you can get rid of debt sooner rather than later, freeing you up to start living the life you want. In addition, individuals and families can use clever tricks to chip away at that mountain of debt a little faster each month.
Interested in hearing these savvy, sports-inspired strategies? Here are the debt-tackling tactics you can use to get back in the black.
Sources:
[1] http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/
[2] https://www.experience.com/alumnus/article?channel_id=managingyourmoney&source_page=additional_articles&article_id=article_1131053248326
[3] http://fortune.com/2015/07/09/3-reasons-average-americans-may-be-worse-off-than-greece/
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