The pandemic caused a great deal of disarray in many of our finances. To help those enduring challenging financial times we went to the banking experts at Chase to get  consumer tips that can help with debt management.

It can happen without you realizing it. One day you’re up-to-date on your credit card payments, and the next day, you’re digging yourself out of a hole. In fact, 37% of the general population said their financial situation worsened over the last 12 months.

The survey also revealed that 39% are focused on eliminating debt and one of the top three financial goals reported was taking action to improve credit.
Here are three tips from Chase on where you can begin:

1. Assess Your Situation—the first step to solving any problem is facing it. Consider reviewing your account balances to better understand where you stand with debt currently. Additionally, know your credit score as it can help you figure out where to start.

2. Create a Plan—It’s best to prioritize one debt at a time rather than trying to pay down everything at once. Either identify the debt with highest interest rate and start there or look to wipe your smaller debts out first. Then, set a budget and create financial goals to help you stay on track. By understanding where your money goes each month and keeping track of your daily transactions, you’ll be able to form better financial health habits and uncover new ways to save.

3. Take Action—Once you know your situation and your plan has been created, you can start executing. For example, try to pay more than the monthly minimum and aim to pay half the payment every two weeks. Additionally, set a small amount aside via Chase Autosave to help build up your savings. These baby steps will help you get a better handle on your debt. Plus, digital tools like Chase’s Budget Worksheet and the flexible budgeting tool on the Chase Mobile app, can help you stay on track.