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Is itpossible to become debt-freein one year?
Some people have low enough credit card balances that they can become debt-free by the end of the month.
Others have higher balances and may have had debt for several years.
For some, 2025 will be the year they finally break out of debt.
Create a Budget
Jen Reid is a financial planner and the founder ofBase Financial Planning.
Do you should probably make more money?
Can you pick up a side hustle or sell things to make some quick cash and pay off debt?
Do you’re gonna wanna cut expenses?
Cut out things that are not a priority and live within your means.
It makes sense for young individuals and couples since housing is nearly everyones biggest expense.
If living with your parents isnt feasible, you might alsolive with roommatesand split the rent.
Reducing your APR will result in less interest accumulation, and you might make more progress with the principal.
Transfer your balance to a credit card with lower rates, he said.
If you have several credit cards with balances,transferring them to one cardcan simplify your payments.
A single monthly payment is easier to manage, helping you stay on track with your debt repayment plan.
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