Behavioral economists have calculated the best ways to pay off your debt

It’s a scene all too familiar in American households: Debt piling up, with no end in sight.

Household debt is soaring. It grew in the fourth quarter of 2017 at the fastest rate since the fourth quarter of 2007 before the financial crisis, in large part because of a boom in auto sales, according to the Federal Reserve.

Americans collectively owe $13.15 trillion, including $9.33 trillion in housing debt and $3.82 trillion in non-housing debt, including credit cards and auto loans, according to the New York Federal Reserve. Household incomes are also rising, so the ratio of households’ liabilities to income is relatively low.

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