"Managing Your Debt: Tips and Strategies for Financial Freedom"

The average debt balance in the US has risen to $101,915, including mortgages, student loans, and auto financing. However, the amount of debt matters less than the ability to pay it off. Here are six signs that your debt is out of control: you can't save for an emergency fund, you can only afford to make minimum debt payments, you've been denied for new credit, you're opening new credit card accounts to help pay for older ones, you're consistently late paying your bills, and your debt-to-income ratio is above 36%. To pay off debt, decrease discretionary spending or increase income, review bills and loan statements, contact lenders for leniency, consider debt management plans or debt settlement, and consult with a credit counselor or financial planner before declaring bankruptcy.