INDIANAPOLIS (WISH) — Here is a look at Thanksgiving’s business headlines with Jane King, where she speaks with a financial expert about the best strategies to pay down nonmortgage debt.

Residents across a number of US metropolitan areas hold an average of $37,827 in nonmortgage debt with an average of $12,437 in auto loan debt alone, according to Lending Tree.

With interest rates on the rise, debt is the most expensive it’s been in decades. Fortunately, getting out of debt is possible.

First, talk to your lender and see if the interest rate can go down. Even a small decrease can save hundreds in monthly and yearly payments.

Sometimes all it takes is to ask and if they say no, try again in 30 days.

Transferring balances to zero percent cards can also give some breathing room.

Paying down debt is possible, but it takes effort and persistence.

Financial advisors recommend borrowers to “prioritize ruthlessly,” creating a tight budget that accounts for every dollar that comes into and out of your hands. Once you have that blueprint, he says, “You can start making the tough decisions on where that money should go.

Also, think about what’s best for your plan.

It may be to tackle the highest interest rate debt first or it may be knocking out those small balances.
Either way is fine, as long as the debt burden is going down.