Personal Loans: Overcoming Debt for Better Retirement Planning and Savings

Friday, 10 October 2025, 12:45

Personal loans can hinder personal finance goals with 7 in 10 adults struggling to save effectively. This article presents five vital strategies for debt relief to help improve personal saving and retirement planning.

Cnbc — Personal Loans: Overcoming Debt for Better Retirement Planning and Savings

Personal Loans: A Barrier to Wealth Building

Debt is significantly impacting many Americans' ability to build wealth or save effectively. According to a recent survey, a staggering 7 in 10 adults report that their debts hinder their financial progress.

5 Strategies for Debt Relief

Create a Comprehensive Budget: Analyze your income and expenses to identify areas to cut back.
Prioritize High-Interest Debt: Focus on paying off debts with the highest interest rates first.
Consider Consolidation: Look into consolidating multiple debts into a single, lower-interest loan.
Negotiate with Creditors: Often, creditors might be willing to lower your payment terms.
Build an Emergency Fund: Having savings can prevent additional debt during unexpected expenses.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.