ROANOKE, Va. (WFXR) – Now that the holidays are over, many people find themselves with credit card debt. Financial expert Maynard Keller of American Financial Planning, Inc. said 77% of Americans have some type of debt and he shared these tips to tackle the tabs:
- Avoid debt entirely
- Always pay on time
- Give time instead of money
- Create or increase emergency funds
- Create a written budget
- Live within your means
- Activate the “debt snowball”
A “debt snowball” is when a person pays the smallest debt. Keller explained, “Say you have three debts… three credit cards. Pay your smallest one off first, then start on the next one, and the next one — all the while making minimum payments on everything.”
Once out of debt, Keller said the key to remaining debt free is to live within your means. He said, “Contentment is something that’s lacking in America. We’re always focusing on keeping up with the Jones’. There is always someone who has a bigger house, a nicer car, a bigger TV. There’s always somebody ahead of you. But learning contentment is a big part of staying out of debt.”
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