Nearly 175 million Americans carried credit card debt into the holiday season, according to TransUnion data. With balances averaging more than $6,500 and APRs hovering around 23%, clearing the ledger is on many people’s minds in the new year.
Making progress with debt can feel insurmountable, especially if you didn’t receive a raise. But getting out of debt doesn’t necessarily require a bigger paycheck, says Michael McAuliffe, president of the nonprofit credit counseling agency Family Credit Management.
“Far more important than your income is your discipline,” McAuliffe told CNBC Select. “It can be hard to stay on track. If you haven’t been keeping an eye on your statements each month, you might not feel like you’re…