While wellness goals often take centerstage when it comes to New Year’s resolutions, financial wellness is also a popular theme this year. A recent Wells Fargo survey reported that 97% of people who plan to make New Year’s resolutions in 2026 are either considering or have already set financial goals.
If you’re ready to get back on track and make your resolutions stick, here are some ways to make real debt progress.
Your Post-Holiday Financial Snapshot
It’s not out of the ordinary for people to feel more in debt after the holidays. But no one likes to start off the new year in debt. After all, it’s a time of new beginnings. But according to Lending Tree, more than a third (37%) went into holiday debt this season. Taking stock of your monthly finances, your overall debt, and what you have leftover at the end of the month to put toward repayment is a first step to making a strategic plan.
Building Financial Goals That Stick
Keep your milestones achievable, so they’ll stick. This includes cutting a subscription to free up extra funds, tracking monthly progress on balances and interest, or setting up movie night in instead of at the theater. This can help create a sense of accomplishment that helps keep you motivated.
Your Debt Repayment Game Plan
Making a plan to repay your debt is critical to keeping on task. Choosing a method to repayment can help you stay strategic in your financial goals. Many experts recommend the snowball method, which targets the smallest debts first, providing quick wins, and the debt avalanche, where you focus on paying down the debt with the highest interest rate first.
Steer Clear of Financial Traps
While consolidating your loans can help you with repayment, not all loans are created equally. Stay away from high-interest consolidation loans that can ultimately cost you more money and damage your credit. Another pitfall to be aware of are for-profit debt relief companies, which often charge high fees and can end up extending your repayment period.
Recognizing the Right Time for Help
Credit card debt can seem insurmountable, so if you’re struggling with high interest rates, paying the minimum payment, or getting any significant handle on how much you owe, a nonprofit credit counseling agency can help. First, a credit counselor will help you create a budget and set financial goals. They can also help you enroll in a debt management plan, which will consolidate your credit card debt into one affordable monthly payment, reduce your interest rate, and help you pay off your loans in three to five years.