Expert tips for reducing debt

"GMA" sponsor Wells Fargo shares tips to tackle your debt and find a way out in honor of its Financial Health Week.
1:05 | 05/31/19

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Transcript for Expert tips for reducing debt
help week. Many people are afraid of being in debt and think there's no way out of it. Here there really is a way. We teamed up with Wells Fargo to show you how to shrink down your debt. Hi, ma'am mark financial help banker with Wells Fargo. Nobody likes the word debt. Most people are embarrassed about the debt they racked up. Last year Americans paid more than $100 million on credit card interest alone. Pay as much as you can toward your debt that has the highest interest rate. The highest rate is the one that costs you the most. Paying down the highest rates most reduces interest costs and puts more money toward the principal balances. Sometimes we need those wins to boost our confidence. Overall start with the most expensive debt and work down. If you manage your finances right you'll get debt under control.

This transcript has been automatically generated and may not be 100% accurate.

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