In a CreditCards.com
survey reported today, 21% of those with
debt predict they will never be rid of it, up from 18% 2014 and 9% in 2013.
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A CreditCards.com representative offers four tips and, as you will immediately recognize, the first two
suggestions are very effective ones. But before I would recommend the
other two I’d want to ask a few questions. With every financial decision,
we need to be confident that we’ll actually be in a better position and that the
move is something more than just a short-term stress reducer.
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On a more positive note, only eleven percent of Millennials
believe that they'll never be debt-free. Even though this is 11% more
than I would like, it is certainly a thought in the right direction!
Hopefully the 89% will somehow exhibit the financial behaviors that will make
it happen.
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Surprising to me is that people ages 30-64 were more likely than
average to be carrying holiday debt. In my opinion, folks in this age
group really should know to plan ahead for Christmas spending; it does come up
every year.
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Of
those with holiday debt, about three-quarters said that they expect to pay it
off within three months, and 15% said it would take more than six months.
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Every year, credit counseling organizations anticipate a surge in
appointments during the first quarter, when things don’t work out as people had
hoped. After all, if an individual doesn’t have the capacity to
save up for Christmas, then paying it all off – with added interest – can be
very difficult.
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Hope can be an inspiration and can motivate us to action, but
without a plan it can leave us worse off than we were before.
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Every one of you enrolled in this course knows more about personal
finance that does the average American.
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I wish you the very best!
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- Kurt Burnett
- Kurt Burnett
