These are the most popular strategies Americans are using to pay off expensive debt
Summary
A Freedom Debt Relief survey of Americans with at least $10,000 in unsecured debt found that borrowers use spending cuts, sales of belongings, extra work and debt consolidation to manage balances. The article details the first three approaches, noting that spending cuts and extra income can help but may have limits; the provided text ends before explaining consolidation.Key Facts
- The survey was conducted by Freedom Debt Relief among Americans carrying at least $10,000 in unsecured debt.
- Forty-one percent of respondents had stopped dining out or ordering delivery to free up money for debt payments.
- Forty percent had eliminated unnecessary online shopping.
- Thirty-five percent had switched to generic groceries and household products to cut expenses.
- Thirty-one percent had sold unused belongings to put money toward debt.
- Fifteen percent had taken a second job or side gig to increase debt payments.
- The article says selling belongings provides limited cash, while extra work may be difficult to sustain.
- The article introduces debt consolidation as another approach but the provided text does not give details about it.
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