Watch this video for tips on tackling debt — including how to prioritize what you're paying down, how to talk to others about your spending limitations and ways to save.
The biggest misconception about debt is that it's always a product of carelessness or a lack of discipline, says NPR global economics correspondent Stacey Vanek Smith, who's been covering business and economics for nearly two decades.
"So many people are in debt right now," she says. "Credit card debt is rising at one of the fastest rates ever."
Oftentimes, the solution isn't as simple as just trying to spend less or learning how to budget. "I've talked to a lot of people who are struggling with debt right now, and in almost every case there was just a big life event that happened and they couldn't catch back up," says Vanek Smith. "Prices are rising really fast right now, it is a strange time in the economy, there are a lot of layoffs happening."
So if you find yourself in debt, you're not alone. Watch the video above or on YouTube for tips on how to approach paying off your debt and how to navigate emotional conversations about money.
Here's some quick advice from Vanek Smith on tackling and talking about debt:
For more tips on dealing with debt — including a role-play where Stacey Vanek-Smith and Life Kit host Marielle Segarra demonstrate how to have these conversations — watch the video at the top of the page or on YouTube or listen to the podcast episode on Apple Podcasts and Spotify.
We'd love to hear from you. Leave us a voicemail at 202-216-9823, or email us at [email protected].
Listen to Life Kit on Apple Podcasts and Spotify, or sign up for our newsletter.
This video was directed by Iman Young; produced by Iman Young, Sylvie Douglis and Beck Harlan; edited by Annabel Edwards; filmed by Iman Young, Tsering Bista and Nickolai Hammar and animated by Alicia Zheng. Audio engineering support comes from Katherine Silva. Supervising editors are Meghan Keane and Nick Michael.
The audio portion of this episode was produced by Sylvie Douglis. The story was adapted for digital by Beck Harlan and edited by Danielle Nett.
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