JACKSONVILLE, Fla. – For many people, debt doesn’t happen overnight. Kara Cavanaugh, a local teacher’s assistant, says she used credit cards for everyday needs—groceries, gas—planning to pay them off. But unexpected expenses kept hitting.
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A car wreck and other bills piled up, and over time, she says she found herself falling backward even with “good intentions.”
At the same time, new local research shows financial stress is widespread. A VyStar Credit Union analysis on financial stability in Jacksonville found that 40% of people said finances are their top life stressor—far ahead of job issues, politics, or health.
Read the entire VyStar analysis below:
VyStar financial educator Marc Streebel says a warning sign of “unmanageable debt” is when you’re only making minimum payments—or missing payments on multiple accounts.
The first step: A simple budget
Streebel says it often starts with writing down what’s coming in, versus what’s going out.
If your expenses are close to—or higher than—your income, he says that’s a long-term problem.
‘Pay yourself first’
Streebel also encourages people to build savings even while paying down debt. He says starting small is still a win.
Cavanaugh says that mindset helped her.
She started looking for small, realistic ways to save—like skipping lunch out and putting that money into savings instead.
She says those “little wins” helped her build her first few hundred dollars.
A four-step framework Streebel recommends:
- Start an emergency fund (even a goal of $1,000 to begin).
- List your debts and begin paying them down while still saving.
- Grow savings to 3–6 months of expenses for emergencies or job loss.
- Keep saving for retirement along the way (401(k) through your job, or an IRA).
Cavanaugh says she’s still working on it—but her progress has been real: From $17,000 in debt, down to less than $6,000 so far.