Get debt-free in 2024 with this action plan.

Did you make a resolution to chop down your credit-card debt in 2024? Read on for the right tools. There’s new urgency for this common New Year’s resolution, as Americans struggle with over $1 trillion in credit-card debt. Americans had $1.08 trillion in credit-card debt through the third quarter of 2023. That doesn’t include their holiday shopping tab. About one-third of consumers said they went into debt over the holiday season, racking up an average of $1,028. Saving more money, paying off debt, and spending less are the top three financial resolutions for 2024. Split out debts into simpler categories of essentials, discretionary spending, and savings/retirement. Create a budget by using the 50/30/20 rule. Pay yourself first to build emergency savings along the way. Concentrate on one credit card at a time. Consider using the “snowball” method or the “avalanche” approach to tackle credit-card debt. Finally, set small, achievable goals to help you on your path to becoming debt-free.