For parents, the start of summer can be an especially expensive time of year between family travel, camps and keeping the kids entertained. And while some may feel pressure to overspend to make the summer fun happen, this could instead be the season where you make a plan to become debt free.

Parenthood is expensive enough without adding interest to the costs of raising kids. Consider taking the following steps to limit excess debt this month.

Reliance on credit can stem from an unmanageable existing debt load. In some cases, this simply can’t be helped — for instance, some parents may use credit to pay for their family’s necessities. But whether your debt came from necessities, non-essentials or a combination of the two, figure out where you’re starting from.

List your current debt balances, interest rates and due dates. Add them up to get your existing debt load. Handling your debt requires facing it head-on.

Budgets are tight for many people and some may need to lean on debt this month to keep their family fed, sheltered and otherwise cared for. But if you’re adding to a card balance for a summer vacation or other non-necessities, instead consider delaying the expense or looking for a lower-cost alternative.

There’s a popular saying that you only have 18 summers with your kids, with the implication being that you need to make them count (and apparently, that your grown children won’t hang out with you during the warm months). Some may interpret this as needing to take their children on lavish vacations, sign them up for the coolest summer camps and otherwise blow their budget in the name of providing a wonderful childhood. But if you only have 18 summers, maybe it’s worth using one or two of them to set yourself and your family up for financial success and less ongoing money stress.

If you can avoid adding to your debt balance this summer, do it. You can still have an amazing summer with your kids. Just not at the expense of your financial wellbeing.

Financial resilience means being able to handle economic and financial shocks without substantial hardship. Paying off debt can be a big part of this, freeing up cash flow and lowering monthly financial obligations in an emergency.

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If you have high-interest debt, you could consider paying it off with your home’s equity. One way to do this is with a home equity line of credit, or HELOC.

Since HELOCs are secured by your home, you can usually get lower interest rates than with credit cards or personal loans. This can make debt consolidation appealing for borrowers struggling to make progress on high-interest debt.

However, HELOCs come with a tradeoff: lower interest rates in exchange for higher risk. If you can’t keep up with monthly payments, the lender can foreclose on your home. Before using home equity to consolidate debt, it’s important to understand both the potential savings and the risks involved.

HELOCs work a little differently than other kinds of loans, so carefully review the terms of any lender quotes so you know what to expect. Lenders set their own guidelines when designing these products, but most HELOC options will adhere to certain industry standards.

For instance, most HELOCs have a 10-year draw period and a 20-year repayment period. During the draw period, you’re usually only required to pay interest on funds you’ve used. After the draw period is over, you can’t borrow any more, and you have to pay both interest and principal for the remainder of the term.

If you’ve found your debt ballooning and are looking for a solution, you’re not alone. Debt has become increasingly normal for Americans in the years since the pandemic, says Elizabeth Renter, BoundlessCash senior economist.

“It’s one thing to take on this debt, but another to stay on top of it, and delinquency levels are rising,” Renter says. “Many households are struggling to stay ahead of their debt payments, and interest rates on credit cards are at historic highs, making it even more difficult.”

According to Regina McCann Hess, CFP, president of Forge Wealth Management in Malvern, Pennsylvania, the key to knowing if your debt is growing to an overwhelming degree is whether you’re able to make real progress with your monthly payments.

“Where I see people making mistakes is that they have debt and tell themselves that they’re paying it off, but if they’re paying off $800 a month and charging $1,000 a month, they’re not actually making headway,” McCann Hess says.

If your current interest rates are too high for you to meaningfully lower your debt each month, restructuring with a HELOC might be a smart move — provided that you’re also in a position to change your spending habits.

“You don’t want to use it as a license to spend,” says John Jones, CFP, at Heritage Financial in Newberry, Florida. “You want to use it as an opportunity to rebalance your financial life.”

It’s important to stay disciplined with spending and debt so that you don’t fall back into a cycle of overspending, Jones says. The context of every individual’s situation is different, and you may want to talk with a financial planner or advisor to help design a plan for paying off your debt with a HELOC.

“A lower interest rate on your debt may make it marginally easier to manage, but trading one or multiple debt types for another should only come after serious consideration,” Renter says.

Before using a HELOC for debt consolidation, consider what kind of debt you have. For example, credit cards and other kinds of high-interest unsecured debt can be good candidates for consolidating.

Jones has seen clients dramatically reduce their average interest rate by getting a HELOC to consolidate multiple lines of outstanding high-interest debt, and he often recommends HELOCs as a valuable financial tool.

Comparatively, the average HELOC rate in May 2026 was 7.5%, as reported by Experian. A HELOC with a balance of $11,413 would have a minimum monthly payment of about $70 during the draw period and $90 during the repayment period.

If you do choose to use a HELOC to consolidate outstanding debt, you’ll want to find a lender that gives you the best combination of low rates and fees. Seek out lenders that offer rate discounts (some offer this for enrolling in autopay, for example) and no origination or annual fees. Rule out any lenders that have a minimum initial draw requirement higher than your current debt balance.

If a lender offers a low introductory rate, you could take advantage of that by front-loading principal payments. Borrowers who are wary of variable interest rates can also identify lenders that offer a fixed-rate option.

HELOCs may differ from lender to lender. You can benefit from shopping around to compare offers.

If your credit score has suffered because of your debt situation, you might be offered a higher-than-average HELOC interest rate.

This is still likely going to be lower than credit card rates, and your credit score can grow over time by making regular monthly payments that lower your principal balance.

“It’s empowering,” McCann Hess says. Gaining control of your debt and your financial future can be a source of confidence and pride.

For disciplined borrowers who avoid taking on too much additional debt, a HELOC can be a tool for financial leverage. By taking advantage of a lower interest rate and making consistent monthly payments, you can tackle your bills and get them to a more manageable place.

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