Debt can feel like a dirty word in the United States, given how many people are struggling with their finances. Even when people got support through government stimulus, statistics show that Americans owe close to $1 trillion on credit card payments.

Such sums are astounding, and there is a real impact to not paying off your debt on time. Not only are you dealing with more interest charges, but you will also feel an impact on the rest of your life.

If you are struggling emotionally as a result of being in so much debt, you may be willing to do anything to change your circumstances. One step you can take is to try and get out of debt by saving more money.

Below are some tips to help you save more and escape your debt-ridden financial situation.

Take Care of Yourself First

There is a tendency among people to think that no matter what is happening in their life, they must keep repaying their debt. While that is an admirable stance, you do not want to lose a roof over your head or food in your stomach because you are making loan repayments.

You can skip one month on debt payments or bills, if that means you are taking care of the essentials. There are other ways you can get help, as you can get a 500 dollar loan at Such loans are low interest and can even help you consolidate existing debt into a more manageable package with lower interest payments.

Prioritize Debts

Make a list of all the money that you owe each month. Then you can begin to understand how much you will owe to various people or lenders on a monthly basis.

The priority list should be made based on what money you have to pay, no matter what. Rent should be at the top of the list, along with your other bills. Then you can start to focus on your credit card debt, student loans, car loans and other such debt.

Even among those types of debt, make a priority list based on the loans that have the highest interest. You should always repay more money on high interest loans, as those will cost you more the longer you take to pay them off.

Build Wealth Too

While you should be doing everything to resolve your debts, you have to remember that lending is there to ensure you are only paying a certain amount each month on the money you borrowed.

You do not have to pay 100 percent of your debts at the end of each month. Keep up with the minimum payments, and you will be fine in the long term.

What you can do with any extra money you have is put it in a savings account, or even look to invest that money in mutual funds. Investing your money in a safe vehicle such as a mutual fund allows you to gain a decent return each year on that money.

Take Advantage of Unique Credit Offers

As you continue to improve your financial outlook, you will notice that your credit score has gone up a lot as well. That can be a big boost to your situation, as you will be able to borrow money using credit cards and other loans.

The best type of credit card you should be getting if you already have debt is a card that offers 0% APR for a certain number of months. Such cards are great, as you can put your existing credit card debt onto that card, and then pay off the debt before the 0% APR period expires.

If you are planning any big spending in the coming months, you could also do with such a credit card. Being able to take advantage of 0% APR on a purchase is huge for people who want to avoid interest charges, and cannot afford to pay the entire amount for an expensive item upfront.

Do ensure that you are only spending money in such circumstances on items you need.

Achieve Financial Stability

Making changes to what you are doing financially is not easy. You are used to doing things in a certain way, and you are worried at whether you can change your habits.

The good news is that by following a few key tips, you can make real changes. While you cannot get rid of all your debt in a few months, you can make meaningful inroads into resolving that debt.