How to effectively manage personal debt and boost financial wellness in 2024?

1. Assess your current financial situation
2. Create a budget and stick to it
3. Pay off high-interest debt first
4. Consider debt consolidation or refinancing
5. Explore additional sources of income
6. Seek professional financial advice if needed

Assess your current financial situation

Take stock of all your debts, income, and expenses to understand where you stand financially.

Create a budget and stick to it

Develop a realistic budget that allows you to allocate funds towards paying off debt while still covering essential expenses.

Pay off high-interest debt first

Focus on paying off debts with the highest interest rates first to minimize the amount of interest you accrue.

Consider debt consolidation or refinancing

Explore options for consolidating multiple debts into a single loan with a lower interest rate, or refinancing existing loans to reduce monthly payments.

Explore additional sources of income

Look for ways to increase your income, such as taking on a side job or selling unused items.

Seek professional financial advice if needed

If you're struggling to manage your debt, consider seeking help from a financial advisor or credit counseling service to develop a personalized plan for improving your financial wellness.