Quick Tip: How to lower monthly debt as consumers struggle with inflation

CHICAGO (WLS) -- Here is a quick tip on monthly debt, as consumers continue to struggle with inflation.

According to a study by LendingTree, Americans pay an average of almost $1,600 a month toward their debts, like car loans, mortgages and credit debt.

That's up about 1% from the previous year.

Gen Xers have the highest monthly debt payments at about $2,100 a month.

To lower your debt, create a budget.

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You will never have a plan to tackle debt unless you know how much money is coming in and going out.

Secondly, prioritize your spending.

For example, you may want to look at streaming subscriptions and get rid of some that you don't need.

If reorganizing your budget doesn't work, you may have no other option than to bring in more income.

Look at the possibility of a side hustle, a second job or different job that pays more.