• As the calendar turns to 2025, many Americans want to improve their finances in the New Year.
• Paying down debt is a top financial goal, one recent survey found.
• To successfully get those balances down for good, it helps to shift your priorities, experts say.

When it comes to financial resolutions for 2025, there's one goal that often lands on the top of the list — paying down debt, according to a new survey from Bankrate.

That's as a majority of Americans — 89% — say they have a main financial goal for 2025, the November survey of almost 2,500 adults found.

While paying down debt came in as a top goal, with 21%, other items on Americans' financial to-do lists include saving more for emergencies, with 12%; getting a higher paying job or additional source of income, 11%; budgeting and spending better, 10%; saving more for retirement and investing more money, each with 8%; saving for non-essential purchases, 6%; and buying a new home, 4%.

Those goals cap off a year that had some financial challenges for consumers. Some prices remain elevated, even as the pace of inflation has subsided. As Americans grapple with higher costs, credit card debt recently climbed to a record $1.17 trillion. The average credit card debt per borrower rose to $6,380 in the third quarter, according to TransUnion.

Lower interest rates may help reduce the costs of holding that debt. The Federal Reserve moved on Wednesday to cut rates for the third time since September, for a total reduction of one percentage point.

Yet the best-qualified credit card borrowers — those with superior credit scores — still have an average rate of 20.35%, down from around 20.79% in August, according to Mark Hamrick, senior economic analyst at Bankrate.

"It could be injurious to personal finances if people accumulated debt that they're not substantially paying down," Hamrick said. "It's prudent and heartening to see that people are identifying debt broadly as something they want to address in the coming year."

'The Fed isn't the cavalry coming to save you'

To pay down credit card balances — as well as other debts from auto loans or other lines of credit — individuals may need to shift their financial priorities.

A majority of Americans admit to having bad financial habits, finds a recent survey from Allianz Life Insurance Company of North America.

That includes 30% who admit to spending too much money on things they don't need; 28% who don't save any money; 27% who only save some money; 23% who aren't paying down debt fast enough; and 21% who spend more than they earn.

For debtors who want to pay their balances down, the best approach is to take matters into their own hands, said Matt Schulz, chief credit analyst at LendingTree.

"Even though the Fed is reducing rates, the Fed isn't the cavalry coming to save you," Schulz said.

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Asking your credit card company for a more competitive interest rate on your debt often works, according to Schulz. About 76% of people who asked for that in the past year got their way, LendingTree found.

"It's absolutely worth a call," he said.

Moreover, balance holders also may keep an eye out for 0% transfer offers, which can let them lock in a no-interest promotion for a fixed amount of time, although fees may apply. Or they may consider a personal loan to help consolidate their debts for a lower rate.

Even as debtors prioritize those balances, it's still important to prioritize personal savings, too. Experts generally recommend having at least three to six months' living expenses set aside in case of an emergency. That way, there's a cash cushion to turn to in the event of an unexpected car repair or veterinary bill, Shulz said.

Admittedly, by also prioritizing savings, it will take more time to pare down debt balances, he said. But having savings on hand can also help stop the debt cycle for good.