Was it a difficult year for debt in your household? Maybe your New Years resolution is to get a handle on your finances.
Senior Advisor at Maisey Financial Services John Maisey says it’s important says you have a plan in place and know how you are going to pay down the debt.
He says, “You have to make sure you have savings put aside for that rainy day, and make sure you have a better handle on what you have for debt. You also need to start saving for retirement.”
If you are making just the minimum payments on your credit card bills, it could potentially take you 50 years or longer to get them paid down, especially on a card with a higher interest rate.
Maisey says it’s an eyeopening experience when you take a closer look into where all of your money is going, “If you’re buying a medium double double everyday, you’re looking at shelling out $2 a day. When you start to add up those little things and see what the true cost is, it’s like a reality check.”
If you’re really stuck, seek the help of a Financial Advisor, before you get deeper into debt.
