OMAHA, Neb. (WOWT) – Holiday expenses may be looming on the credit card bill, or perhaps your bank balance is a little lighter from the extra gifts exchanged with family and friends.
If this is the year to reduce debt and bump up the savings account, it’s not a bad idea to revisit prior financial goals.
The post-pandemic recovery continues to affect many households. People are reassessing retirement timelines, considering where and how they live, and assessing future personal goals in the face of new variants. Several federal financial programs have come to an end, and employment opportunities have varied 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.
THIS WEEK’S TIPS
When thinking about current finances and sticking to a New Year’s Resolution, consider these tips from the BBB serving Nebraska and southwest Iowa:
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 can be lowered.
Research the financial institution where the credit card is held on BBB.org first. Read the terms and contract very carefully; there may be big penalties if a payment is missed.
If you have multiple cards, decide which debt-paying strategy is best for you. Some experts…
