How you can become debt-free - NBC12 - WWBT - Richmond, VA News On Your Side

How you can become debt-free

Thirty percent of Americans says they are confident they will never be debt-free. (Source: file photo) Thirty percent of Americans says they are confident they will never be debt-free. (Source: file photo)
(WWBT) -

Thirty percent of Americans say they are confident they will never be debt-free, according to statistics from creditcards.com.

The biggest culprit is no surprise - credit cards. More than 31 million Americans think they have dug a hole so deep with credit card debt they will never climb out. 

There are ways to pay off debt that can be implemented, starting this weekend.

Start by writing down all of your debt, including the balance and interest rate.

The best method to pay it off financially is to pay down the card with the highest interest rate first. But paying off a smaller balance first will give a sense of accomplishment that can spur the motivation and confidence to keep going.

Evaluating your budget can help you find way to cut back on spending and then use that money toward paying off the debt.

Then, simply don't acquire more debt.

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