Unless you’re exceptionally good with money, you’re unlikely to live entirely debt free. On average, the American households owe about $16,883 on credit cards, $29,539 on auto loans, and over $50,000 in student loans. The average amount owed on mortgage works out to almost $200,000.

Give that average income is less than $60,000, many households live from paycheck to paycheck. Buckling under the weight of such debts, many people can’t even fathom a life without debt.

While the situation is dire, you can still liberate yourself from such burden with the help of reputable credit unions here in Fort Worth, Texas.

1. Polish your money skills

Many people harbor great misconceptions about money, and they pay dearly for these oversights. In most cases, they hold onto self-limiting beliefs about money such as you need a lot of money to build wealth. On close examination, there are plenty of rich people who go broke.

For starters, getting rich boils down to having incredible money management skills. You need to work with a budget, learn how to balance your checkbook, consume consciously, and have a grand plan. Only then can you make the most of your income as every action you make with your money is deliberate and calculated.

2. Learn about financial tools and services

Prohibitive costs of living often cause people to resort to loans and other financial services to bridge the gaps. When done correctly, you can harness the power of loans to build great wealth. However, you need to be extra careful when taking out one.

Some loans such as title loans carry triple-digit interest rates in a year. Joining your local credit union affords you a chance to obtain loans at affordable interest rates. Going for loans with friendly terms means that they’ll never snowball and overrun your finances.

Life can be very difficult if you are drowning under a pile of debt as they take a considerable chunk of your income. With proper effort and planning, you can break free from such burdensome debts and improve your finances.