The Northwestern Mutual 2025 Planning & Progress Study revealed that 22% of Americans believe personal debt is preventing them from achieving financial security, with credit card debt being the main culprit. Money expert Ramit Sethi shared eight steps in a recent YouTube video to help individuals eliminate debt in just six months.

Sethi advises starting by listing all debts with balances, interest rates, and minimum payments. He recommends obtaining a credit report from AnnualCreditReport.com to ensure no accounts are overlooked. By determining the best debt payoff strategy, such as the debt snowball or debt avalanche method, individuals can prioritize commitment to becoming debt-free.

Negotiating rates with creditors and setting up automatic payments can also aid in debt payoff. Sethi stresses the importance of regularly checking progress, cutting unnecessary expenses, and boosting earnings to accelerate debt repayment. By avoiding debt traps, individuals can ensure they don’t fall back into debt after becoming debt-free.

Read more at Yahoo Finance: 8 Steps To Pay Off Debt in 6 Months