Reducing Debt

Resources for Reducing Debt

Reducing debt can be challenging, but paying down debt can help you meet your short and long-term financial goals. A few tips for sticking to a budget and reducing debt include: 

• Avoid spur-of-the-moment purchases
• Set a monthly spending limit
• Stop borrowing
• Pay existing bills on time 
• Pay more than the minimum on existing credit card bill

For more tips and resources on how to overcome obstacles to paying down debt, to learn about the basics of understanding debt, how to identify warning signs of debt problems, how to avoid debt traps, debt dos and don’ts, steps for getting out of debt yourself, and when and where to get outside help visit:

• Managing Debt  at http://americasaves.org/strategies/debt.asp

Did you know?

According to the Federal Reserve Bank of Boston "The federal government calls identity theft one of the fastest growing crimes in the United States and estimates that 500,000 to 700,000 Americans become identity theft victims each year. Identity theft occurs when one person's identification (which can include name, social security number, or any account number) is used or transferred by another person for unlawful activities. The consequences of identity theft can be staggering. Victims spend extensive time closing bad accounts, opening new ones, and fixing credit records. There can be high out-of-pocket expenses related to clearing your name." To learn more about identity theft and how to guard your identity visit http://www.bostonfed.org/consumer/identity/index.htm.