Do you feel overwhelmed by debt?
You're probably not alone. According to a report from the New York Federal Reserve, household debt increased by $192 billion in the second quarter of 2019. In fact, the level of household debt reached $13.86 trillion — which is a new record for household debt, beating the old record set around the time of the 2008 financial crisis.
Non-housing balances increased by $37 billion, with $20 billion of that coming from an increase in credit card balances. This chart from the New York Fed shows how debt has been on the rise in recent years.
![Non-Housing Debt Balancing](https://res.cloudinary.com/moneygeek/image/upload/c_limit,h_512,w_512/v1573366315/MoneyGeek.com/media/NonHousingDebtBalance_lfoujd.png)
If you want to beat the trend and get out of debt, there's hope. There are several strategies to tackle your debt and get out of the hole quicker. Here are 12 ideas that can help you get out of debt faster.