(StatePoint) Is mounting debt causing you stress? If so, you’re not alone. Average consumer debt is on the rise in the United States.
To help you create a winning financial game plan, Experian is offering tried-and-true money management strategies, along with tips for taking advantage of new tools to reduce your spending.
Get a complete picture. Do a 360-degree assessment of how much you owe, tallying up any loans, credit cards or installment debts you might have. As part of this assessment, you can check your Experian credit report for free at www.Experian.com.
Review your budget. Doing so will help you hone in on how much money you can allocate to paying off debt and help you avoid impulse spending or indulging in extras that might set you back financially.
Choose a repayment strategy. Find a repayment strategy that works best for you and stick to it. This could mean prioritizing debt with the highest interest rate, the debt with the smallest balance, or the debt with the highest credit utilization. However you go about it, the important thing is to keep tabs on your progress and stay the course until your debt is paid off.
Keep it up. Continue to practice good financial habits, like regularly checking your credit report and credit score, spending within your means, and paying your bills on time to avoid taking on additional debt.
Use tech tools. Easy tools can help you cut out unnecessary spending. For example, the Experian app has a subscription cancellation feature that does the work of tracking and cancelling subscriptions for you. Experian data shows that consumers have about four subscriptions on average, totaling almost $1,000 per year in potentially unused expenses. With over 200 subscriptions eligible for cancellation through the app in categories like streaming services, meal kits and entertainment, that could spell big savings. Access the tool as part of a paid Experian membership. To get started with Experian’s subscription cancellation feature and other tools, download the iOS or Android app or visit www.experian.com.
“It’s easy for subscriptions to add up and become costly expenses. While tracking them down can be overwhelming, you don’t have to do it alone,” said Rod Griffin, senior director of Consumer Education and Advocacy for Experian.
In addition to the app, as well as other financial resources and tools available to help consumers reach their financial goals, Experian is active in initiatives to help with consumers’ financial health. The company is relieving $5 million of consumer debt among more than 5,000 families in Louisiana. Additionally, Experian is teaming up with Flau’jae Johnson, a junior guard for the Louisiana State University women’s basketball team, to champion the program and financial empowerment. With 69% of college basketball fans holding debt and 49% saying they are stressed financially, according to an Experian survey, sports fans and all consumers can use extra support to manage their finances.
Reigning in spending and getting a handle on debt don’t have to be insurmountable goals. By leaning on available resources, you can become the financial champion of your future.
Experian app subscription cancellation feature disclosure: Results will vary. Not all subscriptions are eligible, savings are not guaranteed, and some may not see savings. Experian members for whom Experian canceled at least one subscription averaged $306 a year of anticipated savings. Available with eligible paid memberships and requires connecting payment account(s) to Experian account.
Debt relief initiative disclosure: Experian membership not required. ForgiveCo is settling one outstanding account in full for each beneficiary and not all accounts are the same size. Beneficiaries are randomly selected from the debt pool. For more information go to experian.com/relief or forgiveco.com.
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