Manage existing debt

Being in debt costs money. There may be fees for taking out a loan or credit card. That's why minimizing debt, as far as possible, is essential for your financial wellbeing.

If you are struggling with the high price of debt, you have several options:

Many Americans are in debt for items they really can’t afford (like big houses, cars, and daily trips to the coffee shop). If you aren’t sure whether you have too much debt, Debt.org offers advice and support.

1. Cut back: Many people are in debt trying to pay for things that they can’t afford, like a big house, a car, or even just daily trips to the coffee shop. If this sounds like you, consider ways to reduce how much you spend. 
   
2. Talk to your lender: You may feel worried by the thought of talking to your lender, but in many cases, they can offer help and a way forward. They may be able to offer you a short payment holiday, freeze the interest on your borrowing for a while, or amend the terms or interest rate you are paying.
   
3. Consolidate your debts: If you have multiple debts, it may be cheaper to consolidate these into one loan if it means a lower interest rate. Be aware of fees. You'll need to consider if there are fees and costs associated with repaying or consolidating your loans and if it will result in less debt to repay overall.

1 Organisation for Co-operation and Economic Development (OECD)

HSBC has partnered with Everfi to create a series of modules on a variety of topics, including Savings, Banking, Credit Cards & Interest Rates, Credit Scores, Financing Higher Education, Renting vs. Owning, Taxes and Insurance, Consumer Protection, and Investing, giving you the tools to better manage your financial future. We hope these interactive digital modules can support your choices.

Additionally, HSBC has created the YourMoneyCounts financial wellness program which is presented by HSBC staff to the community in a classroom setting. Participant workbooks covering Budgeting, Credit, and Identity Theft and a budgeting worksheet are found through the YourMoneyCount link above. This program was created in partnership with the national nonprofit Greenpath Financial Wellness,  and they provide free individualized support focused on your personal situation and financial wellness.