The First Thing You Should Do When You Decide To Pay Off Your Debt

urbazon via Getty Images Here's how to start taking action on your debt, according to experts. “If you want to set yourself up for success when repaying debt, the first thing you should do is find an accountability partner,” said Dani Pascarella, founder and CEO of OneEleven Financial Wellness. “Around three-quarters of Americans are in debt, so it’s likely that you already have several friends or family members that are working towards debt repayment too,” Pascarella said. “Once you’ve found an accountability partner, schedule regular check-ins with them and commit to putting a specific dollar amount from each paycheck towards debt repayment.” Address your mental health. “The first thing I recommend anyone do when they want to start paying off debt has nothing to do with making debt payments,” said Kumiko Love, a financial counselor and creator of The Budget Mom.