“Rather go to bed without dinner than to rise in debt.”

-Benjamin Franklin

Whether we want to admit it or not, debt has become a normalized part of American society. Mortgages, student loans, and credit card debt are just a few of the ways Americans are finding themselves in debt. Americans owe $807 billion across hundreds of millions of accounts. With the average debt of an American just around $6,000, it is undeniable that debt is commonplace in the U.S. today.

The good news is that debt relief has also become more mainstream. From student loan forgiveness to laws such as California’s updated homestead exemption, there is an ever-growing list of debt forgiveness techniques. Start by prioritizing your spending on items such as food and housing. Then, be sure to make at least minimum payments on secured debts (collateral) such as a car. Next, take your focus to student loan debt and credit card debt. Transferring high-interest debt to a credit card with an introductory 0% interest rate can also help you pay off your debt more efficiently.

If necessary, speak with a credit counseling agency. A bank can help suggest a reputable agency. The agency and its counselors can help you develop the tools and resources to help you regain your financial footing.

Finally, evaluate your spending and financial habits. Without fixing the issue in the first place, you may find yourself in the same position down the road.