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How To Manage All the Extra Debt You Piled Up in 2020

GOBankingRates Logo By Jaime Catmull of GOBankingRates | Slide 1 of 21: If you’ve piled on debt this year, you’re not alone. A recent survey conducted by Clever found that the average American has taken on an additional $7,512 in debt since this time last year, and 54% have missed or deferred at least one payment in 2020. “Having debt is not some kind of moral failing,” said debt expert Jackie Beck. “You are still a worthwhile person. Do what you can right now to get through things.” Watch Out: 17 Biggest Budgeting Mistakes You’re Making When you’re in debt it can definitely feel overwhelming, but with a plan in place, you can begin to pay it down over time. I spoke to financial experts to get their best advice on how to pay down any extra debt you took on this year. Here’s how to tackle your debt and start 2021 on better financial footing. Last updated: Dec. 30, 2020

If you’ve piled on debt this year, you’re not alone. A recent survey conducted by Clever found that the average American has taken on an additional $7,512 in debt since this time last year, and 54% have missed or deferred at least one payment in 2020.

“Having debt is not some kind of moral failing,” said debt expert Jackie Beck. “You are still a worthwhile person. Do what you can right now to get through things.”

Watch Out: 17 Biggest Budgeting Mistakes You’re Making

When you’re in debt it can definitely feel overwhelming, but with a plan in place, you can begin to pay it down over time. I spoke to financial experts to get their best advice on how to pay down any extra debt you took on this year. Here’s how to tackle your debt and start 2021 on better financial footing.

Last updated: Dec. 30, 2020
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