With consumer spending on Cyber Monday and Black Friday set to reach record highs, Prosper CEO David Kimball joins Brad Smith on Wealth to share his tips for paying off debt amid the holiday shopping season.

“The best thing you can do is first look at what you have right now. A lot of people have credit cards, and you got to take a look at whether or not your credit card is serving your needs,” Kimball says, explaining this entails considering which credit card is best for your situation.

He says another option for people working to get out of debt could be debt consolidation through a personal loan or a home equity loan. Kimball underlines that “the key” when considering debt consolidation is to change your spending habits.

“You need to take a look at your own budget. You need to take a look at ‘How much income do I have?’ Once you figured out how much income you have, then let’s take a look at ‘What am I spending on?'” Kimball says, adding: “Once you’ve taken a look at that income and you subtract all of those necessities, then you take a look at those wants” and consider whether the issue is overspending or an income problem.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

This post was written by Naomi Buchanan.