Learning Center

Hi, I'm Mark, the host of SAFE Cents! Welcome to our Learning Center, a place where you can improve your financial health.

5 tips to quickly pay down debt

Blog Post
2 min read
Man and women celebrating as man tears up a credit card bill

Debt can feel overwhelming, but you’re not alone. In fact, over 75% of Americans carry some form of debt according to the Federal Reserve. Just how much debt are we talking? You might be surprised to learn it tops $100k for the average consumer. Regardless of the amount of debt you might owe, rest assured, you're not stuck. 

Let’s walk through five simple, effective steps to help you take control and crush your debt faster than you ever thought possible.

1. Take a Good Look at Your Debt

The first step is understanding exactly what you owe. Grab a pen, paper, or even a budgeting app, and list all your debts—credit cards, personal loans, car payments, student loans—everything. Write down the balances, interest rates, and minimum monthly payments. It may feel daunting, but seeing it all laid out gives you clarity and a starting point.

2. Create a Plan and Stick to It

Now that you know what you owe, it’s time to make a plan. Whether you choose the debt snowball method (paying off smaller debts first for quick wins) or the debt avalanche method (tackling high-interest debts first to save money), the key is consistency. Need help? Schedule a chat with one of SAFE's in-house financial counselors—their services are completely free and they love helping members like you create personalized plans.

3. Consider Debt Consolidation

Combining your high-interest debts into one manageable monthly payment can save you money and simplify your life. When done responsibly, a debt consolidation loan can turn what seems like a mountain of debt into a manageable hill.

4. Automate Your Payments

Life gets busy, and it’s easy to forget payment due dates. That’s where automation can be a lifesaver. Setting up automatic payments with your service providers and creditors will ensure you never miss a payment. Regular, on-time payments means you'll avoid late fees, and might even improve your credit score over time.

5. Find Extra Cash to Speed Things Up

Paying more than the minimum on your debts is the fastest way to see progress. Here are a few ideas to free up some extra cash:

  • Skip the drive-thru coffees and take-out, and opt for coffee and meals at home.
  • Host a yard sale or use an online marketplace to sell items you no longer need.
  • Use your tax refund to put a dent in your balance.
  • Take on a side hustle, or weekend job to increase your cash flow.

Every little bit adds up, and before you know it, you’ll see those balances start to shrink.

Crushing your debt isn’t just about numbers—it’s about feeling confident and in control of your financial situation. And the best part? You don’t have to do it alone. As a member of SAFE, you have access to tools, resources, and people who care about your success. Give us a call or stop by your local branch to explore your options. 

You’ve got this—and we’ve got you.