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Americans have been feeling the financial squeeze as and interest rates stay high as a result. The pressure isn't just hitting families who are living paycheck to paycheck anymore. Even the households earning six figures are feeling it, with delinquencies on credit cards and auto loans more than doubling since 2023 for Americans making over $150,000 annually, according to new data from credit-scoring company VantageScore. There was also a 60% increase seen among middle-income earners and a 22% rise for lower-income households during the same period.

The reasons behind this troubling trend paint a picture of an economy that's shifting in ways that are catching nearly all Americans, including high earners, who tend to be more immune to economic shifts, off guard. Part of the issue is that white-collar job creation has plummeted, with only 7% of new positions this year paying above-average wages compared to 38% in the five years before the pandemic. Meanwhile, about three-quarters of middle-income consumers are reducing non-essential purchases, and one-third have over the past year just to keep up.

What makes this particularly concerning is that when households across all income brackets start , it signals that more Americans are just one misstep away from finding themselves in real financial trouble. Luckily, there are some strategies you can use to , no matter what your income level is. 

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If you're trying to get rid of your debt, the following strategies could help you better manage that process:

It may seem simple, but many credit card companies and lenders  in terms of your interest rates, especially if you've been a long-time customer with an on-time payment history. So, call and ask for a lower APR or waived fees. 

With the and some credit cards now charging APRs above 28%, even a 2% to 4% rate reduction could save you hundreds of dollars in interest over the next year. And, if you're experiencing financial hardship, let them know, as creditors often have .

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involves combining multiple debts, like several credit cards, into a single new loan, often with a lower interest rate. This can simplify repayment and reduce your monthly costs. You might consolidate using a debt consolidation loan, a personal loan, or, if you're a homeowner, or (HELOC). The key is to make sure the new loan truly saves you money after fees and doesn't stretch out the repayment period too long. 

let you move high-rate debt to a new card with a 0% promotional APR, typically for 12 to 21 months. That gives you breathing room to pay down principal without racking up more interest. Just be aware of the transfer fee, which is , and make sure you have a plan to pay off the balance before the regular rate kicks in. If you can't aggressively pay down debt within the promo window, you'll undo the benefit of transferring your balance in the first place.

Debt settlement, also known as , involves negotiating with creditors to pay less than what you owe, typically in return for a lump sum payment on the account. Note, though, that while this strategy reduces debts by , it comes with downsides. Your credit score will , and any forgiven debt over $600 . As a result, this strategy is generally best for people who are seriously delinquent on their unsecured debts.

are simple, effective ways to structure your debt repayment:

Both methods work, as long as you commit to them and keep making at least minimum payments on all other debts.

If you're buried in debt with no realistic path to repay it, . discharges most unsecured debts and is faster, but it requires meeting certain income qualifications and could result in the loss of some assets. involves a court-supervised repayment plan and allows you to keep more property, but it takes several years to complete. While bankruptcy damages your credit, it also gives you a chance to rebuild from a clean slate. It's not a decision to take lightly, but for some, it's the best way forward.

Even households earning six figures are feeling the squeeze in today's economic landscape, so don't let shame prevent you from addressing your debt head-on. If you're facing this type of issue, taking action now, whether through aggressive paydown strategies, consolidation or professional guidance, can prevent your debt from becoming unmanageable. Just be sure to choose an approach that fits your financial situation and then stick with it consistently.