The new year is underway, and many of us have money-related resolutions. If you stacked on a bit of debt over the holidays, you’re not alone. According to the U.S. Federal Reserve’s Center for Microeconomic Data, total household debt increased by $286 billion in the third quarter of 2021.
“Taking steps to get out of debt may seem overwhelming,” Mechele Agbayani Mills, President of BBB Serving Central East Texas said, “But getting on the road to financial freedom and wealth creation is well worth the effort.”
The current COVID-19 pandemic continues to affect households. People are reassessing retirement timelines, considering where and how they live and assessing future personal goals in the face of the new omicron variant. Several federal financial programs are coming to an end soon, and employment opportunities vary from one sector to another. As consumers look ahead to the new year, having stable financial footing may become a necessary goal to meet day to day needs.
If you want to begin getting your finances in order in 2022, BBB provides the following advice:
Inventory your credit cards. Credit cards are known to have high interest rates, and this can waste a lot of money over time. Reach out to the credit card company to see if a balance transfer offer can be used to switch to a card with a lower rate or ask if the interest rate…
