When it comes to financial resolutions for 2025, one goal often tops the list, according to a new survey from Bankrate: paying off debt.

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

While paying off debt was ranked as the top goal at 21%, other items on Americans’ financial to-do lists include: saving more for emergencies (12%); getting a better-paying job or additional source of income, 11%; budgeting and spending better, 10%; save more for retirement and invest more money, 8% each; Savings on non-essential purchases: 6%; and 4% when purchasing a new home.

These goals cap a year that brought some financial challenges for consumers. Some prices remain high even as inflation has eased. As Americans grapple with higher costs, credit card debt recently rose to a record $1.17 trillion. According to TransUnion, average credit card debt per borrower rose to $6,380 in the third quarter.

Lower interest rates can help reduce the cost of holding this debt. The Federal Reserve decided on Wednesday to cut interest rates for the third time since September, a total cut of one percentage point.

However, the most qualified credit card borrowers – those with better credit scores – still have an average interest rate of 20.35%, down from around 20.79% in August, according to Mark Hamrick, senior economic analyst at Bankrate.

““It could be detrimental to personal finances if people accumulate debt that they don’t pay off significantly,” Hamrick said. “It’s smart and encouraging to see that people are generally looking at debt as something they want to address in the coming year.”

To pay off credit card balances – as well as other debts from auto loans or other lines of credit – individuals may need to change their financial priorities.

According to a recent survey by Allianz Life Insurance Company of North America, the majority of Americans admit to having poor financial habits.

This includes 30% who admit to spending too much money on things they don’t need; 28% who don’t save money; 27% who are just saving some money; 23% who don’t pay off their debt quickly enough; and 21% who spend more than they earn.

For borrowers looking to pay off their debts, the best option is to take matters into their own hands, said Matt Schulz, chief credit analyst at LendingTree.

“Even if the Fed cuts interest rates, the Fed is not the cavalry coming to rescue you,” Schulz said.

More from Personal Finance:
Why new retirees may need to rethink the 4% rule
There is an “urgency to act” to get the best possible return on cash, an expert says
Reduce your tax liability in 2024 with these last-minute measures

Schulz says asking your credit card company for a more competitive interest rate on your debt often works. LendingTree found that about 76% of people who asked last year got their way.

“It’s absolutely worth a call,” he said.

Additionally, balance holders can also look out for 0% transfer offers, which allow them to secure an interest-free promotion for a certain period of time, However, fees may apply. Or they may consider a personal loan to consolidate their debt at a lower interest rate.

Even though debtors prioritize these balances, it is still important to prioritize personal savings as well. In general, experts recommend saving at least three to six months of living expenses in the event of an emergency. This way, there is a cash cushion to fall back on in the event of an unexpected car repair or vet bill, Shulz said.

Admittedly, prioritizing savings will also make it take longer to pay down debt, he said. But savings can also help stop the debt cycle for good.