Learn a New Language: The Language of Money
- Around half of Americans don't feel very confident in managing their personal finances.
- Listen to podcasts or work with financial professionals to get a handle on your money.
- Check out FDR's resources to help you learn about controlling your debt.
Learning the language of money means developing a deeper understanding of financial literacy. It's about learning how money works, honing your money skills,, and how to make informed choices about complex topics like investing or debt payoff. Learning the language of money can help you make better financial decisions.
You can learn the language of money by listening to podcasts, working with financial professionals, or doing online research.
Whether it’s understanding how a debt relief program works, learning how to invest, or getting a grip on the various types of retirement plans, there can be a lot to learn.
Who Should Learn the Language of Money?
No matter what your financial situation looks like, you can benefit from learning the language of money. However, this skill is particularly important if:
You’re in debt. Debt limits your options because you have creditors to pay. It increases the cost of your purchases due to interest and makes it harder to live within your means because of your monthly payments. Learning the language of money can help you get rid of debt.
You don’t have a budget. A budget helps ensure you have enough money for the things you need and the things that are important to you. If you don’t have a budget or have trouble sticking to one, learning the language of money can help you change that so you'll have a roadmap for your spending
You need an emergency fund. An emergency fund can do wonders for your peace of mind and help save you financially when the going gets tough.
You want guidance for how to invest. Investing can be confusing, especially if you’ve never done it before. Get to know the ins and outs of investing so you’ll be better equipped to make smart decisions that allow you to fund your future.
How to Learn the Language of Money
It doesn’t cost a fortune to learn to speak the language of money. In fact, you can become financially literate without spending a dime. Here are some of the best free or inexpensive ways to learn the language of money.
Use the internet. Search on Google for a money-related topic that you’re unsure about or would like more information on. Check the search results to find articles created by trusted sources to learn more about the topic.
Take classes. Sign up for online financial courses on topics such as retirement planning, budgeting, or saving for college. You can also check out your local community college to see what’s available.
Listen to podcasts and radio shows. There's no shortage of podcasts and radio shows dedicated to money. These shows typically feature everyday people who want answers to their money questions. Chances are you can relate to some of them and learn from what they are or aren't doing. Check these out:
The Dave Ramsey Show
The Suze Orman Show
I Will Teach You To Be Rich
So Money
Afford Anything
Planet Money
How to Money
Work with finance professionals. Financial planners, tax accountants, and estate planners are a few of the many financial experts who could answer your questions. A financial consultant that focuses on middle-class clients could be more affordable than you think.
Talk to members of the older generation. You may have a parent, grandparent, or older friend who has gone through an event like an economic downturn or war, or who simply has a different take on how to manage money. Don’t be afraid to ask them to share their thoughts and insights so you can use their experience to your advantage.
If you want to take your money knowledge to the next level, these resources are a great way to learn the basics of the language of money.
Get Started Learning the Language of Money Today
If you don't know the language of money, making any financial decisions can become much more confusing. You could also make the wrong decisions. For example, when you're paying off debt, there's a big difference in terms of total debt paid and impact on credit score when you consider debt settlement vs. debt consolidation, even though they may sound similar.
Start using the resources available to you today to learn the financial facts you need to make informed choices. The decisions you make about saving, investing, and debt payoff will shape your future, so educate yourself today and you won't regret it.
A look into the world of debt relief seekers
We looked at a sample of data from Freedom Debt Relief of people seeking the best debt relief company for them during September 2025. This data highlights the wide range of individuals turning to debt relief.
Credit utilization and debt relief
How are people using their credit before seeking help? Credit utilization measures how much of a credit line is being used. For example, if you have a credit line of $10,000 and your balance is $3,000, that is a credit utilization of 30%. High credit utilization often signals financial stress. We have looked at people who are seeking debt relief and their credit utilization. (Low credit utilization is 30% or less, medium is between 31% and 50%, high is between 51% and 75%, very high is between 76% to 100%, and over-utilized over 100%). In September 2025, people seeking debt relief had an average of 73% credit utilization.
Here are some interesting numbers:
| Credit utilization bucket | Percent of debt relief seekers |
|---|---|
| Over utilized | 30% |
| Very high | 32% |
| High | 19% |
| Medium | 10% |
| Low | 9% |
The statistics refer to people who had a credit card balance greater than $0.
You don't have to have high credit utilization to look for a debt relief solution. There are a number of solutions for people, whether they have maxed out their credit cards or still have a significant part available.
Student loan debt – average debt by selected states.
According to the 2023 Federal Reserve Survey of Consumer Finances (SCF) the average student debt for those with a balance was $46,980. The percentage of families with student debt was 22%. (Note: It used 2022 data).
Student loan debt among those seeking debt relief is prevalent. In September 2025, 27% of the debt relief seekers had student debt. The average student debt balance (for those with student debt) was $48,703.
Here is a quick look at the top five states by average student debt balance.
| State | Percent with student loans | Average Balance for those with student loans | Average monthly payment |
|---|---|---|---|
| District of Columbia | 34 | $71,987 | $203 |
| Georgia | 29 | $59,907 | $183 |
| Mississippi | 28 | $55,347 | $145 |
| Alaska | 22 | $54,555 | $104 |
| Maryland | 31 | $54,495 | $142 |
The statistics are based on all debt relief seekers with a student loan balance over $0.
Student debt is an important part of many households' financial picture. When you examine your finances, consider your total debt and your monthly payments.
Tackle Financial Challenges
Don’t let debt overwhelm you. Learn more about debt relief options. They can help you tackle your financial challenges. This is true whether you have high credit card balances or many tradelines. Start your path to recovery with the first step.
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Author Information
Written by
Maurie Backman
Maurie Backman is a personal finance writer with over 10 years of experience. Her coverage areas include retirement, investing, real estate, and credit and debt management.
Reviewed by
Kailey Hagen
Kailey is a CERTIFIED FINANCIAL PLANNER® Professional and has been writing about finance, including credit cards, banking, insurance, and retirement, since 2013. Her advice has been featured in major personal finance publications.
Credit Card Debt
