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How can you avoid drowning in debt?

Credit-card debt isn't a new problem in America, and if you're in your 30s, then you're probably like many older millennials and have your own to deal with. In this group, many people struggle with student loans, and some have taken on credit-card debt while trying to find a place to live, a job and a stable income.

Credit-card debt has the potential to grow out of control, even if you're cautious about your spending. One missed payment could add $30 or more in fines to your debt, and the interest rate may increase. This extends how long you have to pay your debt and increases the amount you'll pay overall.

What can you do to prevent yourself from drowning in debt?

There are a few ideas for anyone who's struggling with debt. The first is simple: Get a second job for a short time. The average amount of debt a person has in America is $6,375, which you could pay off in only a few months (depending on how often you work) with a decent part-time job working nights or weekends. In the long term, it's extremely beneficial, even if it takes up all your time in the short term.

Another thing to do is avoid making minimum payments. Minimums help you make payments when money is tight, but they extend the length of time you pay for what you owe to guarantee more interest payments to the lender. Paying more than the minimum pays down your debt faster.

These are just two ways to pay down your debt. Bankruptcy, consolidation and other techniques are possibilities, too, depending on your situation.

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