January 2, 2015

Overcoming the Financial Stats

If you feel held back by credit card debt, the New Year can bring a chance to shake off the old habits with debt counseling. A growing number of people are sinking further into debt, according to experts. Debt counseling can give you the answers you need from trained and reputable credit counselors. One of the Federal Reserve’s latest reports shows household debt in the U.S. rose 2.7 percent in the third quarter.

Meanwhile, household net worth declined by $140.9 billion. A recent piece by U.S. News & World Report suggests ways to improve your personal finances in the New Year. At Christian Credit Counselors, we are there to help motivate, educate and guide you when you are ready to get rid of your credit card debt once and for all.

Setting financial goals

Part of debt counseling is deciding on financial goals. The No. 1 financial goal most people who seek credit counseling have is to get out of credit card debt. It’s important to choose other money goals as well such as saving for college, retirement or for a down payment on a home.

Tracking spending

Another part of good financial management is to have a spending plan and to track spending. According to U.S. News, most people spend two-thirds of their money on necessities such as food, transportation and housing. Credit counselors can help you set up an annual budget as well as a weekly and monthly spending plan.

Finding multiple streams of income

In addition to having a main source of income from a job or business, it’s always wise to create multiple streams of income. Having a part-time job, a small side business, freelance work or income from a rental property can make it easier to pay off debt and simultaneously save for a rainy day.

Dealing with high interest charges

U.S. News suggests paying off high interest credit cards as quickly as possible. Through debt consolidation, it’s possible to satisfy your creditors. Many people who seek debt counseling enroll in a Debt Management Plan that allows them to get out of debt faster than they ever imagined. Moreover, the professionals with Christian Credit Counselors negotiate lower interest rates.

Other important financial goals for the New Year include improving your credit score, enrolling in a Roth IRA or company-sponsored retirement plan and finding ways to cut expenses. Married people may make a goal to improve communication when it comes to family finances. Oftentimes, couples come together to receive debt counseling. Whether you receive help as a couple or individual, you can boost your personal net worth in the New Year by making simply changes each month.

Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

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