Most people have debt. Actually the average debt for Americans is $137,063! Here’s that broken out by age.

Under 35: $67,400
35–44: $133,100
45–54: $134,600
55–64: $108,300
65–74: $66,000
75 and up: $34,500
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There is an incredible amount of debt. From car and house loans to school and medical payments there is definitely not a shortage. The problem is the easy of taking on debt is easier than ever

Let me be clear - Not all debt is bad, but it can be expensive! So if you find yourself looking to eliminate your debt here is how to create a plan.

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Step 1 - Get Organized

It may seem simple, but the first thing you should do is write a list of your current debts. This means the amount, interest rates and durations.

#Step 2 - Method
Pick a method like the debt snowball or avalanche method.

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The debt snowball method is a debt reduction strategy where you pay off debt in order of smallest to largest, gaining momentum as you knock out each balance. When the smallest debt is paid in full, you roll the money you were paying on that debt into the next smallest balance.

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The debt avalanche method involves making minimum payments on all debt, then using any remaining money to pay off the debt with the highest interest rate. The debt snowball method involves paying off the smallest debts first to get them out of the way before moving on to bigger on

Step 3 - Time Frame

After you pick your method calculate how long it’s going to take to get through that debt.

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Step 4 - Rinse and Repeat

After you first debt has been cleaned use the methods to knock out the next debt. These debts will be eliminated faster and faster as you are able to focus more and more money to each debt.

To accelerate debt reduction there are few things you can do. These includes cutting back on expenses or gaining a bit of income with a side hustle.

If credit card debt is your issue please acknowledge how you got into debt. Add limits to cards that make it hard to spend more. If you can not fix what got you into that debt it will be hard to get out of it.

Also debt consolidation companies rarely make this processes easier. If your debt is not manageable go to the NFCC.org for help.

Another great tip is to talk about money with friend and family to add a level of accountability.