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According to aCNBC|SurveyMonkey study, 59% of respondents said that financial security would mean havingno outstanding debts.
Here are three ways you might get your debt under control and boost your wealth.
Use Debit Cards Instead of Credit Cards
Getting into credit card debt can be a vicious cycle.
Making only the minimum payment may mean that you spend years paying off a balance of under $5,000.
Many companies also offer debt relief services if you find yourself struggling with an insurmountable amount of debt.
This approach can lead to significant savings that outweigh the rewards earned from using credit cards.
Patrick advised, Take time to reflect on the reasons behind your debt.
For debt from surprise expenses, focus on building your emergency fund.
This exercise isnt to create shame but is meant to empower you in the future.
Track Your Spending
Building a more secure financial future often begins with knowing what you are spending.
Knowing where your money goes is the first step in understanding your financial habits, explained Patrick.
Track your spending for several months, review it regularly, and identify patterns and problem areas to address.
However, the path to a brighter (and more secure) financial future isnt necessarily debt-free.
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