Save by Reducing Debt

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 still being affected financially by the pandemic, 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.


Financial Check-in Of The Day:

If paying down your debt is a priority and you’re wondering where to start, check out today’s blog from America Saves, “Tips To Help You Reduce Debt And Pay It Off For Good.”(link is external) You’ll receive some great tips, resources, and tools that help you decide how to best approach reducing your debt and expenses.

Then, if you haven’t already, take the America Saves Pledge(link is external) to get support and accountability as you reduce your debt!