What's the Deal: Reducing your debt

PHILADELPHIA (WPVI) -- For many, debt can be crippling. Anyone from college students to working families are suffering and struggling to climb out.

A company called Value Penguin crunched the numbers and found that households carrying debt have an average of $16,000 dollars.

That's ten percent higher than it was three years ago.

The good news? The experts at the financial company Motley Fool say there are a few things you can do right now to pay down your debt.

First, stop using credit cards. Instead, swipe the debit card or use good old cash.

If you do need to use credit, start comparing offers and know that it's all about the interest.

You are looking for zero percent APR offers or zero balance transfer fees.

Next, make sure you know when that APR goes up and try to get that balance paid down before then.

Finally, pay often and always more than the minimum balance. If you find you can pay more at some point during the month - do it.

Multiple payments will help your credit score.
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