The Federal Reserve cut interest rates on Wednesday for the first time this year, providing some relief to consumers facing high borrowing costs on credit cards and other loans. Still, it can be a tough road ahead for many consumers, regardless of their income , as they strive to make a dent in their debt payments .

To break the cycle of debt, experts say, it helps to understand the conduct that led to the debt.

Often, "it's tied to emotional spending," said Jack Howard, head of money wellness at Ally Bank. She said that overspending can stem from either scarcity or abundance, as well as a lack of understanding of one's own finances.

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