Debt can be a significant financial burden, particularly during periods of inflation. When the cost of living goes up, you spend more for the same items, and if you're using credit, it can be a lot more costly. In addition, interest rates are at an all-time high, and since interest compounds, if you don't pay off your credit card bills each month, your $3 coffee could ultimately cost you $7 or $8. Here are some tips on how to manage debt during periods of inflation:

• Repay your debts as quickly as possible; make extra payments when you can. This will help you pay off your debt faster and save money on interest.

• If you have variable-rate debt, consider refinancing to a fixed-rate loan. This will protect you from rising interest rates.

• Try negotiating a lower interest rate with your creditors; this is particularly important if you're experiencing economic hardship.

• Consider transferring your debts to a lower interest rate credit card.

• If you have multiple debts, focus on repaying the one with the highest interest rate first.

• Avoid using your credit cards with high interest rates.

• Keep up with your payments, as missing even one can trigger penalty APR and late fees, making your debt even more expensive and damaging your credit score.

• If you don't have a budget, now is the time to create one and figure out ways to reduce costs to pay down debt.

• Consider consolidation or debt settlement as options if you struggle to make payments. These options can help you reduce your debt and get back on track.

By following these tips, you can better manage your debt during periods of inflation. If you struggle to make payments, contact a credit counselor or financial advisor for help.