This news article provides expert advice on how to save money and manage credit card debt. Diana Lozada, a financial advisor, recommends building an emergency fund, prioritizing high-interest debt, and considering balance transfer options or personal loans. She also emphasizes the importance of creating a budget, tracking expenses, and allowing for flexibility.
If your resolutions include saving more money and chipping away at credit card debt, read on for expert advice about where to start.“This is the best time of the year to think about what do I want to do in 2025?” said Diana Lozada, financial advisor for
She said you can aside a little from every paycheck by preauthorizing a transfer directly to savings. Even with the Fed cutting interest rates, a high-yield savings account may be an option. Just be clear on the interest rate, any minimum deposit requirements and other fees.have been around 20 percent for credit cards. If you’re carrying this type of debt across multiple credit cards, there are a couple of ways to tackle it. The snowball and avalanche methods.
The snowball method focuses on the smallest balance first. Lozada explained it can feel motivating to settle a debt and move on to the next one.said consumers can shop around for a balance transfer credit card. It allows you to move debt onto a card with a zero percent interest promotion for a period of time.
“If you have $10,000 worth of credit card debt, but you are only granted a $500 credit limit, that's not going to make a huge dent on your debt,” said Rathner. “It might not be worth paying that balance transfer fee and moving the debt over.”
SAVINGS DEBT MANAGEMENT CREDIT CARDS BUDGETING PERSONAL FINANCE
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