Managing Debt

Make a debt plan
Pay off debt based on a specific time frame or payment amount and change variables to see how it affects the results. Use this easy debt repayment calculator.

Debt guidelines
These tips can help you stay on the path to financial wellness:

  • Focus on paying off debt with the highest interest rates first.
  • Try to take on debt only for necessities—things like education, a home, or a car.
  • If possible, avoid using credit cards unless you can pay them off each month.
  • If you have significant credit card debt, you may want to explore the tools on or contact the National Foundation for Credit Counseling to learn about consolidating your debt into one monthly payment.

Help avoid future debt
An emergency fund can help you avoid going into debt due to unexpected financial emergencies. A good rule of thumb is to save three months of basic expenses, but you may need more than that depending on your personal situation. To make consistent saving easy, think about setting up a special account for your fund. You could even set up automatic deposits to help your savings grow.

Make your future a priority
Don’t forget to set aside money for retirement! If you set aside money in your employer-sponsored retirement plan now, you’ll have financial support in the future. Visit the Retirement Programs webpage for more information on retirement plans.

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