Money Management Advice from Consolidated Credit
Delinquency rates on credit cards issued by banks increased in the third quarter of 2010. Paying back loans was a struggle for many American consumers according to a new report from the American Bankers Association.
The experts at Consolidated Credit encourage consumers to complete a personal finance overhaul that will last. For 2011 prognosticators talk of an economic recovery, housing bounce back and improving employment rates. One good early indication is that Americans are looking to increase their personal savings and more employers are planning to reinstate 401(k) matches in 2011. Americans can’t afford to depend on an economy recovery to get their own personal finances in order. Getting rid of unsecured debts need to be a priority for personal economic prosperity.
Americans set financial resolutions every New Year, but Consolidated Credit wants consumers to create an All Year Resolution when it comes to personal finances.
Becoming educated about money management consumers can start on the path to create financial success in 2011. Consolidated Credit offers a free budget analysis that will establish a person’s financial situation, and then give the appropriate advice on the proper steps to get out of credit card debt and regain financial independence. Our counselors are trained in the credit industry and work one-on-one with people to figure out the fastest and best way to get people out of debt fast.
The average credit card debt is reported at over $7,000 per household and debt can be overwhelming and at times, depressing-so it is urgent that Americans take control of their debt problems and reach out for assistance with their personal finances. Regardless of whether you’re looking to save money, make your credit score better, or buy a house next year, people have to be prepared to get the help they need to be financially successful and at peace.
Tips for 2011 money management:
- Consistently pay debts on time to establish good credit. A consistent payment history demonstrates “willingness to pay,” which is a key component to creditworthiness.
- Pay extra money toward the debt charging the highest interest rate. As soon as you pay off that debt, apply extra payments to the next highest interest rate debt. This is known as the snowball method.
- If you have extra money from a bonus or gift, put at least half of the total toward an extra payment on your debt to accelerate payoff.
- Review your credit card statements every month to make sure payments are properly applied.
- Track expenses, spend wisely, and control spontaneous spending.
Remember in this New Year you can accomplish anything you wish as long as you are persistent, consistent, and passionate about achieving your goals.