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6 Affordable Fitness Ideas to Try in 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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New Year’s resolutions follow a familiar trend. The top goals going into 2018, according to a YouGov poll, were: eat healthier, get more exercise, and save more money. In other words, our health and our finances go hand in hand.

A fresh, new year is right around the corner, making it the perfect time to update our fitness goals and establish healthy habits that stick — without breaking the bank. In the spirit of budget-friendly new beginnings, we hunted down six affordable fitness ideas to try in 2019.

First things first

Before you drop hundreds on a pricey gym membership, check these items off your to-do-list:

Get your budget in order: Most fitness routines involve some level of investment. (You won’t get much out of long distance running without proper sneakers and appropriate clothing.) Leigh-Ann Webster, a certified personal trainer and Executive Director for the International Consortium for Health & Wellness Coaching, says to look at your budget to determine how much you can reasonably afford to spend on your fitness goals.

“If someone goes to Starbucks every day and gets a pumpkin [spice] latte that costs $4.50, right there that’s $20 a week,” she told MagnifyMoney. “That $80 a month is potentially a gym membership, or a new pair of shoes or new running clothes.”

Not sure what you can afford? Begin by tracking your spending and rehabbing your budget.

Pinpoint your fitness personality: Once you know how much you can spend without financially stressing yourself out, it’s time to find fitness activities that really pique your interest. According to Chris Gagliardi, a certified personal trainer with the American Council on Exercise, your motivation and your personality play the biggest roles.

“If you know that doing yoga helps with reducing stress and stress reduction is your goal, but the idea of yoga just doesn’t appeal to you, then why even pick that as an option?” he told MagnifyMoney. “Let’s find something you’re actually willing to do that’ll also move you toward your goal.”

The takeaway: understand what motivates you, then zero in on fitness activities that gel with your personality and lifestyle. If your exercise regimen feels like torture, you’re more likely to quit (and take your financial investment down with you).

6 Affordable fitness ideas for 2019

We tapped the experts. Here are six super budget-friendly fitness ideas to explore in 2019.

Body-weight exercises: This is exactly what it sounds like—exercises that leverage your own weight. Put it another way: your body is really the only piece of equipment you need. Planks, push-ups, sit-ups and squats are great examples, and they can all be done for free at home. It’s also easy to dial up your efforts without spending a ton.

“Generally speaking, weights are a dollar a pound, so you could invest in 10-pound weights for $10,” added Webster. “What one-time investments could you make for certain activities; a bike, running shoes, weights?”

If you’re looking to zero in on body-weight exercises, you can find reasonably priced pull-up bars and ab wheels at most sporting goods stores. Not sure what body-weight exercises are right for you? The American Council on Exercise has published an exhaustive list of no-equipment exercises you can do wherever you like, assuming you’re able to lift your own weight. IDEA Health & Fitness Association has similar suggestions, complete with free printables. And for less than $7 a month, the Sworkit app will customize at-home body-weight workouts just for you.

Walking: Gagliardi expects walking to take center stage in 2019, and the American College of Sports Medicine backs him up. According to a recent survey, outdoor activities like group walks and hikes are among the top fitness trends right now. And aside from a good pair of shoes, you don’t need to spend much to take it up as a practice.

There’s also something to be said about group walks. In one study published in the Journal of Consulting and Clinical Psychology, a whopping 95% of people who started a weight-loss program with friends went on to complete it. What’s more, 66% maintained their weight loss in full. Accountability is no small thing. Partnering up with like-minded friends could be a game changer.

Running: The financial barrier to entry with running is low, but it does require some level of investment.

“If I’m going to start running, it’s not going to be as enjoyable if I’m not properly prepared,” said Gagliardi. “Having some skin in the game—even if it’s a $40 pair of shoes—means you’ve invested something, and that’s going to make you more comfortable.”

Going beyond footwear, you’ll also want to make sure you have weatherproof clothes for outdoor running. Alternatively, shopping around for a decent used treadmill is a one-time investment option if paying for a regular gym membership isn’t in your budget. Either way, taking up running could be the healthiest thing you do all year—a 2017 report published in Progress in Cardiovascular Diseases found that runners live roughly three years longer than non-runners.

Basketball: Basketball is a heart-pumping aerobic activity that burns anywhere from 240 to 355 calories for every 30 minutes of play, according to Harvard Medical School. Again, don’t forget about the power of accountability. The only way to really get your blood moving is through a group game.

Finding friends to play with a few times a week could go a long way for your emotional well-being, as well. A recent study published in The Lancet Psychiatry found a link between playing group sports and improved mental health. The best part? You don’t have to look further than your nearest public park for a free basketball court.

Small group fitness: When it comes to getting in shape, a little bit of social support may be good for both your health and your wallet. Personal trainers charge anywhere from $10 to $50 per hour, according to the National Federation of Professional Trainers. The truth is that rates vary widely depending on where you live and how much experience the trainer has.

This is why Gagliardi says more and more people are splitting the cost with friends. Instead of one-on-one sessions, trainers or yoga instructors are taking on small groups where everyone chips in.

“Personal training is probably the most expensive service you’re getting at a gym, but those lines are blurring a little between personal training and group fitness,” he said.

Gym memberships: Gyms push membership deals hard in January. Gagliardi suggests shopping around and comparing rates to get the most bang for your buck. You can also take advantage of free trials to get a feel for what it’s really like.

“If a friend or family member has a gym membership, a lot of times their gym will include an option to bring a friend for free because they’re hoping that person will end up singing up,” he said.

You may be able to cut your costs by opting for a family membership or leveraging student or military discounts, depending on the gym. And be sure to check out your local YMCA, as many branches offer financial assistance for memberships. This YMCA just outside Raleigh uses a sliding fee scale based on your total household income and the number of household members looking to join.

No matter where you go, be on the lookout for places that charge excessive registration or cancellation fees. Then again, that could end up working in your favor—it’s built-in motivation to continue chugging along when you feel like quitting.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Marianne Hayes
Marianne Hayes |

Marianne Hayes is a writer at MagnifyMoney. You can email Marianne here

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What Is a Signature Loan?

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Emergencies happen, from unexpected car repairs to pop-up medical bills. This is why financial experts suggest building up an emergency fund that’s specifically earmarked for these kinds of hiccups.”The general rule of thumb is to save three to six months’ of living expenses because if you have that money set aside when something happens, you won’t have to worry about it,” Clint Haynes, a Missouri-based certified financial planner, told MagnifyMoney.

Learning this lesson a little later in the game? Don’t sweat it. It’s more than possible to unlock quick cash when you’re in a pinch.

Enter signature loans (a.k.a. personal loans). This type of fast financing can come to the rescue when funds are tight and you need to see your way through a financial tough spot. (They’re also ideal for consolidating high-interest debt and saving big time in interest charges.)

Unlike secured loans that are collateralized by an asset like your car or your house, these unsecured loans are backed only by your signature. When in a financial bind, signature loans are fast, convenient, and can be used for virtually anything.

How a signature loan works

Because there’s no asset to back up the loan, a signature loan is generally harder to qualify for in comparison to a secured loan. Lenders are looking to protect themselves from borrowers who might default on their payments, so a strong credit score is a non-negotiable. This is also why signature loans generally come with higher interest rates; however, those rates are typically lower than on most credit cards.)

The application process itself isn’t quite as involved as applying for a secured loan. Once the funds are deposited into your bank account, a two- to five-year to repayment timeline is pretty standard.

Signature loans also have fixed interest rates, so they’ll never fluctuate. The same goes for your monthly payment — in other words, it’s an installment loan that you pay back every month. This is different from credit cards, which offer revolving lines of credit you can charge up and pay off as you go.

Who should consider a signature loan?

When you need money fast and don’t have sufficient cash reserves on hand, a signature loan is generally a cheaper alternative to racking up high-interest credit card debt — a serious wealth killer that can cripple your ability to save for other big-picture financial goals, like putting money away for retirement or saving for a down payment on a home.

“I’d look at [a signature loan] as a lender of last resort where you’re really stuck between a rock and a hard place,” said Haynes. “Your only options may be to take out a credit card that’s going to charge you a 20% to 25% APR, or a signature loan where you’ll hopefully get a more favorable interest rate in order to bridge the gap.”

Signature loans can also be a powerful tool for getting ahead of your debt once and for all. Let’s pretend you have $12,000 in debt spread across three different credit cards:

 AmountInterest rateMonthly paymentMonths in repaymentTotal interest paid

Debt #1

$4,000

22%

$100

73

$3,275

Debt #2

$5,000

19%

$200

33

$1,415

Debt #3

$3,000

23%

$150

26

$819

At this rate, you’ll cough up over $5,500 in interest alone — that’s on top of the $12,000 you already owed! But look what happens if you pay off all this debt using a three-year personal loan with a 10% APR.

 AmountInterest rateMonthly paymentMonths in repaymentTotal interest paid

Personal loan

$12,000

10%

$387

36

$1,939

This option actually reduces your monthly payment from $450 to $387. The kicker? You’ll pay $3,570 less in interest over the life of the loan!

“You can often get a lower interest rate, which means every monthly payment makes a bigger dent in your loan balance,” Justin Pritchard, a Colorado-based certified financial planner, told MagnifyMoney. “Plus, there’s an end date, whereas credit cards can drag on forever if you only pay the minimum.”

Pros and cons of a signature loan

A lot of moving parts come into play, but here are some general pros and cons to consider.

Pros

  • Quick cash: When your car breaks down or your roof springs a leak, time is of the essence. Most people simply can’t sit around and wait until their tax return comes in or that work bonus hits their bank accounts to pay for the damage. Signature loans are fast and convenient, especially for those who don’t have any assets to use as collateral.
  • Easy application process: Thanks to the internet, there are a number of online lenders who’ve majorly streamlined the application process. A few clicks on your laptop or smartphone is all it takes to generate personalized quotes in a matter of minutes. Even if you go to a brick-and-mortar bank or credit union, applying for an unsecured personal loan is a relatively pain-free process. Secured loans like mortgages and car loans, on the other hand, are way more in-depth and time-intensive.
  • Ideal for consolidating high-interest debt: Debt with sky-high interest rates will keep you chained to your balances for longer, and charging you dearly for it. A signature loan can be a game changer that reduces your interest rate, and maybe even lowers your monthly payment. And since this strategy also significantly decreases your open credit card balances — which makes up 30% of your FICO Score — your credit score will also enjoy a nice little boost.

Cons

  • Signature loans aren’t free: Lenders aren’t going to give you something for nothing — on top of the interest rate, some lenders tack on an origination fee to make the deal worth their while. Average origination fee rates currently range anywhere from 0% to 6%. Even so, if you’re in dire straits or staring down excessively high credit card rates, an origination fee may be worth it.
  • You have to have really good credit: The stronger your credit, the better your interest rate. It’s not that signature loans are off the table otherwise — there are plenty of lenders willing to work with people who have less-than-perfect credit — but you can expect to pay more. Those with a score below 600 may be looking at APRs upwards of 35%.
  • You might just be kicking the can down the road: If you don’t have healthy financial habits in place (sticking to a budget, avoiding high-interest debt, and routinely putting money into savings), a signature loan may be nothing more than a Band-Aid. “Consolidating or refinancing doesn’t eliminate debt — it just moves it somewhere else,” said Pritchard. “Until you address the cause of your debt, it’s likely to come back.”

How to qualify for a signature loan

If this type of loan is on your radar, be prepared for lenders to pick through the following:

  • Your credit score: Pritchard warns that a low credit score creates a very real barrier to approval. “You can look into using a cosigner, which might be risky for the cosigner but works out for the borrower because if they don’t have the credit score on their own, they’re either not going to be approved, or it’ll be at a higher rate or a smaller amount.”
  • Your credit history: Lenders will also pore over your credit history. Haynes says that a track record of late payments or delinquent accounts could very well come back to haunt you, even if your score has since rebounded. Your current debt load is critical, as well — the less available credit you have, the less likely you’ll be to get the best loan terms.
  • Your employment and income: This is another biggie, because you’ll need to prove that you’re bringing in a reliable, steady stream of income. Remember: lenders have no asset here to repossess, so they want to make sure you’re in a position to repay this loan. “They’re wanting to make sure you’ve got the wiggle room in your monthly cash flow to be able to pay whatever the principal and interest amount is on a monthly basis,” said Haynes. “So they’re definitely going to look at your income very closely to determine if you can make it work or not.”

Where to find a signature loan

Think a signature loan sounds right for you? If so, it’s time to shop around and compare quotes so you can lock down the best deal. Here are the most common places to find lenders.

Online Lenders

MagnifyMoney’s personal loan marketplace is a great place to start. Simply punch in how much you’re seeking, along with your credit score and zip code, and you’ll have instant estimates to browse through.



Compare Signature Loans

Pros

  • The convenience factor is tough to beat: Shopping around online has become more and more mobile-friendly. These days, you can browse through personalized rates on your smartphone without ever getting off the couch.
  • There’s a lot of variety: You may come across traditional financial institutions, as well as peer-to-peer lenders. These platforms connect borrowers with individual investors interested in loaning out money. Finding the best deal requires shopping around and comparing quotes across the board — the internet certainly makes this task easier.

Cons

  • There are some shifty lenders out there: The internet also has no shortage of scams, no matter what you’re shopping for. Predatory lending is a real threat, so be sure you’ve thoroughly vetted your lender before doling out your personal information.

Banks

Prefer to work out the lending details in person? You may also be able to find a personal loan at your local bank.

Pros

  • You’re getting an in-person experience. “At a local bank or credit union, you may be able to talk to the person evaluating your loan application,” said Pritchard. “Instead of meeting automated approval criteria, you can explain your finances and your circumstances in a way that makes sense for the bank. If everything looks good, you’ve got a better chance of approval.”
  • All your finances are in one place: If you choose to borrow from the same bank that has your checking and savings accounts, your finances will all be at one place. That could make it easier to keep a bird’s eye view on your money.

Cons

  • Your options may be limited. Many online platforms generate a variety of personalized quotes that you can then sift through and compare. Going with a single bank means you’re only looking at its loan options, so shopping around becomes much more cumbersome.
  • You’ll probably spend more: Going to your local bank branch instead of an online lender is kind of like going to the mall instead of ordering on Amazon. Online businesses don’t have rent to pay, so their overhead costs are much lower — and they tend to pass those savings on to customers, which is what makes them so competitive.
  • It’s usually tougher to get approved: Big banks have more to lose, so their qualifying criteria for a signature loan is generally more rigorous than an online lender. Many big-name financial institutions require even higher credit scores to get approved. They’re also known for having lower caps on how much they’ll lend.

Credit unions

Local credit unions should also be on your radar. Here’s what to consider:

Pros

  • They might have more reasonable rates. Credit unions are generally structured in a way that exempts them from having to pay state and federal taxes. As a result, you may be able to find a lower-rate loan than what’s being offered at large banks.

Cons

  • You have to be a member. Every credit union has its own membership requirements, so be sure to check their website before taking the time to visit in person. Some, for example, may be sticklers regarding the type of job you have and your employment status; others may require you to pay a membership fee.
  • Selection might be limited. Depending on where you live, it might be slim pickings where credit unions are concerned. Gathering personalized quotes and shopping around may prove difficult, especially if you don’t qualify for a membership.

How to compare signature loans

Once you’ve got some personalized quotes in hand, it’s time to do some comparison shopping to make sure you get the very best deal.

Annual percentage rate (APR): The APR provides a clearer snapshot of how much this signature loan is going to cost you. It goes deeper than just the interest rate, taking into account fees and other one-time costs. When comparing quotes for signature loans, plug the numbers into MagnifyMoney’s Personal Loan Repayment Calculator to see how much you’ll pay in interest over the life of the loan.

Term length: A longer loan term translates to a lower monthly payment, which could provide some much-needed breathing room in your budget, but proceed with caution.

“You may end up paying quite a bit more in interest if you opt for a longer term,” warned Pritchard. “A little bit more pain in your monthly payment will result in less total interest and a lower cost of whatever you’re paying for.”

A $5,000 personal loan with a five-year repayment period and an 8% interest rate will cost you $101.38 a month. If you compress that timeline to three years, your monthly payment will only go up by nearly $56, but you’ll pay $442 less in total interest.

Fees: Again, some signature loans throw in origination fees to the tune of 0% to 6% — but there are other fees to look out for, as well. When comparing different quotes, read the fine print to see if there are any prepayment penalties. If you choose to eventually accelerate your payments to pay it off ahead of schedule, will you be penalized for it?

Conclusion

Signature loans are ideal for people who are up against some sort of unexpected financial emergency and don’t have the cash savings to cover it. This type of financing can also be a powerful debt consolidation tool.

When it comes to getting approved, your credit history, employment, and income are crucial. Gathering personalized quotes is as easy as surfing the web or popping by your local bank or credit union. No matter which option you choose, be sure to shop around to make sure you’re getting the best deal possible.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Marianne Hayes
Marianne Hayes |

Marianne Hayes is a writer at MagnifyMoney. You can email Marianne here

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Pay Down My Debt

6 Mistakes to Avoid When Paying Off Debt

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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On the surface, getting debt-free sounds like a simple process. Make your minimum payments each month and get your balances to zero, then you’re across the finish line. But with interest rates steadily on the rise, this isn’t much of a strategy. It’s a surefire — and expensive — way to keep yourself chained to debt for much longer than you need to be.

The truth is that saving the most money and getting out from under debt as quickly as possible comes down to learning the basics.

Here’s a rundown of the top mistakes to avoid while on the road to debt-free living.

1. Continuing to accumulate new debt

Deciding to take charge of your debt once and for all is an empowering move, especially when you start seeing those balances go down. But accelerating your payments on one account while continuing to rack up new debt is hardly a solution.

“You may feel better because you’re sending an extra $500 to your credit card every month to pay it down, but if you’re using a different credit card to buy groceries, you’re just cycling the debt around,” Michaela Harper, director of community education at the Credit Advisors Foundation, told MagnifyMoney.

This all-too-common scenario underscores how important it is to have an effective budget in place, which requires a firm grasp on your monthly income and expenses. If you’re spending more than you’re earning, you’ll never break the debt cycle.

Vid Ponnapalli, a New Jersey-based certified financial planner, recommends looking back and tracking your spending over the past six months. This should highlight any gaps between your spending and your income.

“If you’re bringing in $4,000 each month but spending an average of $4,500, you need to remedy that deficit,” he told MagnifyMoney. “This means either reducing your expenses or increasing your income.”

Crafting a solid budget is your best defense.

2. Focusing on the wrong debt

Not all debt is created equal. When you’re in over your head, Harper said to focus first on “people who can mess with you — [anyone who has] a judgment against you or has the ability to put liens on you.” Having your wages garnished or your car repossessed are never scenarios in which you want to find yourself.

From there, high-interest balances should be front and center because you’re paying the most to keep them around. This is precisely why it makes sense to roll these balances over to accounts that have lower interest rates. This process is called debt consolidation.

Let’s say your debt looks like this and you’re paying $150 a month on each account:

  • Credit card No. 1: $5,000 at 19% interest
  • Credit card No. 2: $2,000 at 14% interest
  • Credit card No. 3: $1,000 at 10% interest

Going that route will take you four years to pay everything off, and you’ll dole out $2,383 in interest alone (if you stick to $150 payments even after certain cards are paid off). But if you take all that debt and pay it off with a two-year debt consolidation loan at 8%, you’ll cut your interest payments by almost $1,700, lower your monthly payment by about $100 — and be debt-free in half the time.

Many debt consolidation loans come with an origination fee of up to 6%, but your savings could very well make up for it. To explore your loan options, consider using this debt consolidation loan tool from LendingTree, MagnifyMoney’s parent company. The tool could match you with up to five different lenders offering competitive loan options.

3. Tapping your 401(k) to pay off debt

Let’s talk 401(k) loans, which let you borrow from your future self and then gradually pay it back with interest, usually via automatic payroll deductions. You have five years to repay these loans, and the interest rate is generally the current prime rate plus 1%.

When face to face with a mountain of debt, it can be very tempting to use your retirement nest egg to wipe out your balances and start over, but think very carefully before doing so.

First, there can be significant tax implications. You’re putting pretax money into a 401(k). But when you’re paying back a 401(k) loan, you’re using after-tax dollars, Ponnapalli said. Then you have to pay taxes again when you withdraw the money during retirement.

What’s more, Ponnapalli said if you fail to make good on your loan terms, the loan is then considered a distribution. If you’re younger than 59 ½, you’ll also pay a 10% penalty.

“And if you leave your job for any reason, the balance will be due, in full, much sooner than originally planned,” he added. (Check your individual plan for details.)

By taking your money out of the market, you’re robbing yourself of future gains as well. Where retirement savings are concerned, your No. 1 weapon is time. The longer you’re invested, the more money you’ll have waiting for you come retirement.

4. Falling for a debt relief scam

When you’re overwhelmed by debt, navigating the situation on your own can feel impossible. Credit counseling is a legitimate option if you go with a reputable company that has your best interests at heart. American Consumer Credit Counseling and the National Foundation for Credit Counseling have strong reputations.

Through these groups, you can connect with professionals who’ll review your financial situation, educate you on personal finance basics and — hopefully — empower you to get back on the right track. Credit counselors also help clients create a plan of attack for addressing their outstanding debt.

But consumers are wise to beware of shady debt relief organizations. For-profit credit counseling groups are generally a red flag, as are companies that make too-good-to-be-true promises or guarantees about debt relief.

Harper said initial counseling sessions should be free and have no strings attached. He recommended going with one of the nationally recognized groups. “You’ll have assurance that you’re dealing with a reputable organization and staff that knows what they’re doing,” Harper said.

5. Neglecting your other financial goals

There’s nothing wrong with being laser-focused on paying down debt as long as it doesn’t impact your ability to move the needle on your other financial goals. Whether it’s saving for retirement or building up your emergency fund, you don’t have to ignore your other goals in the name of debt repayment.

Speaking of emergency funds, Ponnapalli recommends building yours up to at least three months’ worth of expenses, but this can be a tall order for those at war with debt. An alternative strategy is to gradually fund a mini-savings account of $1,000 until you’re debt-free. This should be enough to cover most pop-up expenses. After that, you can top off your emergency fund to that three-month mark, then start saving more aggressively for other financial goals.

No matter what, kicking into a 401(k) that offers an employer match should always be a top priority, even while you’re paying off debt. (It’s free money, after all.) As for the big things, Harper suggests breaking down these goals into bite-sized pieces. If you want to save $5,000 to put a down payment on a house in three years, how much do you need to save every month to get there? Is it possible to do this while still making progress on your debt payments? It doesn’t have to be an all-or-nothing situation.

6. Putting all your eggs in the bankruptcy basket

It isn’t all that surprising that money is America’s leading cause of stress, according to a 2018 Northwestern Mutual study. When you’re buried under tremendous debt, bankruptcy can feel like a gift that wipes the slate clean. In the face of financial catastrophe, it might make sense, but it’s a last-resort option.

Any reputable counselor will guide you toward bankruptcy if it is your best path forward, but Harper warns that it isn’t without consequences. While many of your debts might be forgiven, you could lose other assets, such as your home or car, in the process. Your credit score will take a hit as well. Chapter 7 bankruptcy stays on your credit report for 10 years, while it’s seven years for Chapter 13. The silver lining is that, according to a study put out by LendingTree, roughly 75% of those with a bankruptcy on their record end up restoring their credit after five years.

“I’m a big believer that if it’s the right thing to do for your family in order to move forward, and it’s truly an insurmountable situation or amount of debt, then by all means grab it with both hands, do it and focus on rebuilding behaviors,” Harper said.

For folks who are overwhelmed by debt, Harper said credit counseling is often the best medicine for understanding what you’re up against and making a plan to get out of it.

The most important things to remember

The road to getting debt-free isn’t always straight and narrow — sometimes life gets in the way — but knowing the basics can make course-correcting a whole lot easier. Pushing pause on accumulating new debt is crucial. From there, put out the biggest fire first. Tapping your 401(k) to pay off debt or ignoring your other financial goals, while tempting, could also come back to bite you.

It’s about prioritizing debt repayment without putting your future self at risk.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Marianne Hayes
Marianne Hayes |

Marianne Hayes is a writer at MagnifyMoney. You can email Marianne here

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