Paying Down Debt IS Saving - America Saves Week 2023
It’s Day Four of America Saves Week and today’s focus centers around reducing debt.
Do you consider paying down your debt as saving? You should! There are many natural benefits of reducing your debt, including increasing your credit score, saving money on interest and fees, and gaining more disposable or discretionary income to allocate as you see fit.
With so many Americans being affected financially by the economy and rising interest rates, actively paying down your debt may not be a priority— and that’s okay!
One thing you can do is to talk to your creditors (rather than avoid them) and take advantage of any repayment options or arrangements offered. This allows you to keep your credit score intact and avoid additional interest and late payment fees.
Check out this video with Samantha Griffin, who contributes to an important conversation surrounding reducing your debt.
If paying down your debt is a priority(link is external) and you’re wondering where to start, check out today’s blog from America Saves, Paying Down Debt is Saving(link is external). You’ll receive strategies for the best way to reduce debt that align with your personal situation and that boost your financial confidence to keep you working toward your goals.
Then, if you haven’t already, take the America Saves Pledge(link is external) to get support and accountability as you reduce your debt!