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Paying Off Debt

How to tackle holiday debt in January

January 17, 2023 By Liz Weston

After years of being in debt, Rachel Kramer Bussel came to a realization: “If I don’t become proactive about it, I will be in debt for the rest of my life.” For Bussel, a freelance writer near Atlantic City, New Jersey, that meant scaling back spending and putting any available money toward the debt principal.

“Starting to see it go in the right direction helped me amp it up,” she says. “I felt like, maybe there is light at the end of the tunnel.” Bussel, whose debt came from credit cards, student loans and back taxes, finally paid off all of her debt, which at one point exceeded $100,000, in 2020.

Paying off debt is a common goal as the new year kicks off. Bills for holiday shopping and other end-of-year spending often come due in January, and this year, rising interest rates make debt increasingly expensive. According to the Federal Reserve, revolving debt, which includes credit card balances, continued to rise throughout 2022, increasing at an annual rate of 10.4% as of October, the most recent numbers available.

In Kimberly Palmer’s latest for the Associated Press, learn strategies to attack your debt in January.

Filed Under: Liz's Blog Tagged With: holiday debt, Paying Off Debt

Monday’s need-to-know money news

July 20, 2020 By Liz Weston

Today’s top story: 6 credit card scams and how to avoid them. Also in the news: A new episode of the SmartMoney podcast on COVID impulse spending and building credit while paying off debt, how Black Friday shopping could look very different this year, and making a plan to repay your borrowed 401(k) money.

6 Credit Card Scams and How to Avoid Them
Crooks don’t have to steal your card — just your card information. Keep your money and your identity safe.

Smart Money Podcast: COVID Impulse Spending, and Building Credit While Paying Debt
Finding the right payoff method for your debt.

Black Friday Shopping Could Look Very Different This Year
Lining up for doorbusters could be a thing of the past.

Make a Plan to Repay Your Borrowed 401(k) Money
Start thinking of a payoff strategy.

Filed Under: Liz's Blog Tagged With: 401(k), Black Friday, building credit, COVID impulse spending, credit card scams, payback plan, Paying Off Debt, SmartMoney podcast

Monday’s need-to-know money news

October 7, 2019 By Liz Weston

Today’s top story: SmartMoney podcast on how to pay off debt faster. Also in the news: What to expect when requesting a credit limit increase, why you should always pay in local currency when traveling, and 10 money mistakes millennials should avoid.

SmartMoney podcast: ‘How Can I Pay Off My Debt Faster?’
Tips from the experts.

Requesting a Credit Limit Increase? Here’s What to Expect
Question and answerr

Why You Should Always Pay in Local Currency When Traveling
Avoid markups and fees.

10 Money Mistakes Millennials Should Avoid (No. 10’s a Shocker)
These mistakes could come back to haunt you.

Filed Under: Liz's Blog Tagged With: credit limit increase, debt, local currency, millennials, money mistakes, Paying Off Debt, SmartMoney podcast, tips, travel

Free of debt – with regrets

July 6, 2017 By Liz Weston

Stories about how ordinary people pay off debt quickly can be amazing, inspiring — and somewhat deceptive.

These tales often mention the sacrifices debtors made but may gloss over the cost to their quality of life or the misguided choices they made. Becoming debt-free can be a worthy goal, but understanding the pitfalls can keep you from repeating others’ mistakes.

In my latest for the Associated Press, why some folks wish they hadn’t paid off their debt in such a rush.

Filed Under: Liz's Blog Tagged With: debt, Paying Off Debt

Americans Are Pissed — This Chart Might Explain Why

May 11, 2016 By Liz Weston

iStock_000087400741_SmallPeople are angry. Voters demanding change have helped make Donald Trump the presumptive Republican nominee for president and fueled Bernie Sanders’ ferocious challenge to Democrat Hillary Clinton.

But what are they angry about? Ask and you’ll hear about Washington gridlock, Wall Street greed, trade, stagnant pay, immigration. In my latest for NerdWallet, the one huge factor that’s making this election especially unique.

Filed Under: Budgeting, Saving Money Tagged With: Budgeting, Paying Off Debt, personal finance

How Much Debt Is Too Much?

March 2, 2016 By Liz Weston

crop380w_istock_000009258023xsmall-dbet-ball-and-chainIf you think the answer is simple, you may not understand the question.

That’s often true in life, but particularly so when we’re talking about debt. Simplistic, one-size-fits-all answers actually suit relatively few real people.

At one extreme are those who curse debt as a four-letter word and vow to avoid it entirely. At the other are those who revel in the notion of using “other people’s money” as much as possible.

In my latest for NerdWallet, how to use debt, rather than be used by it.

Filed Under: Liz's Blog Tagged With: Paying Off Debt, personal finance

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