In the larger picture, it may not matter much which financial choices you make. Your family’s visit could cause you to go over your grocery budget. Getting back on course after a detour is simple. However, some can do extensive harm and cost you thousands of dollars to repair.
There are several potential threats to your financial security as the new year begins. The ones you should be wary of are listed below.
Tag: Debt
How to Save for Retirement While Repaying Debt
Monthly budgets increasingly include a line item for the repayment of debt. According to a New York Life’s Wealth Watch division poll, approximately two-thirds of Americans have debt, and the poll indicated that credit card debt, house loan debt, and vehicle loan debt are the most prevalent.
Buy Now Pay Later Options Can Impact Your Savings
A growing number of Christmas consumers are utilizing buy now, pay later (BNPL) programs like Affirm and Afterpay. Financial gurus caution that it is a valuable instrument that can rapidly lead to debt accumulation.
How to Fix Credit Debt During Rising Interest Rates
Because of rising inflation, the Federal Reserve has raised interest rates several times since March. The Fed is attempting to reduce inflation to its 2% target. Increasing the federal interest rate has repercussions in practically every economic sector, including financial instruments such as credit cards. Credit card APRs, or interest rates, are rising with Fed rate rises.
