When it comes to debt advice, there are a number of places where you can go. If you have a parent who is just a financial whiz, he or she would be a good place to go for debt advice.
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New York, USA (PRWEB) September 21, 2012
“Improving financial literacy is the key to avoiding debt, earning more money, and avoiding financial mistakes.” This is the response offered by Debt Consolidation USA to America’s growing problems with debt. The country’s debt issues have just recently come to light with the release of the results of the Federal Reserve’s quarterly household debt and credit report, which shows that debts from student and auto loans have increased.
According to surveys, student loans have gone up by $10 billion while auto loans have risen by $13 billion in the second quarter of this year. Household debts have dropped by 0.5 per cent, but experts warn that this may be due to increased credit card defaults or less mortgage debts from declining homeownership. Because of these statistics, consultants from Debt Consolidation USA state that American citizens should prioritize the improvement of their financial decision-making, especially since stable and well-paying jobs are hard to come by at this time.
To avoid incurring debt, experts from the company state that Americans should make an effort to research and thoroughly understand monetary concepts that can affect financial decisions. These include understanding how credit cards work and how debts can grow, as well as the various ways for consumers to deal with debt. According to experts from Debt Consolidation USA, advice on handling financial issues can actually come from many sources:
“When it comes to debt advice, there are a number of places where you can go. If you have a parent who is just a financial whiz, he or she would be a good place to go for debt advice,” state the company’s speakers.
On the other hand, those who do not have friends or relatives who are knowledgeable in money matters can consult financial institutions, such as counseling agencies, banks or credit unions and debt consolidation companies. Even the Internet offers a good place to find sound financial advice, especially since there now many reputable blogs and online consumer credit counselling websites that have been created for this purpose.
Besides learning about financial concepts, experts from Debt Consolidation USA also advise American citizens to employ various money management tips to stay out of debt, such as using a budget worksheet to keep track of expenses. According to the company’s consultants, budget worksheets are effective in curbing extra expenses since these give a visual representation of how an individual spends money:
“Using a budget worksheet may take a little work initially, but it is a sure-fire method of getting a handle on how your money is spent. With this method, you can see where changes in your habits and lifestyle will reduce your expenses and increase your potential savings and debt reduction,” explain company experts.
On the other hand, Debt Consolidation USA consultants state that savings can also be a good source of funds for future emergencies:
“Regardless of your indebtedness, it is important to maintain and grow a savings fund to have a reserve available for unforeseen expenses which always seem to happen when you can least afford it,” the company’s consultants advise.
With more people struggling with growing student and auto loans, experts from Debt Consolidation USA state that improving financial literacy and decision-making should be considered a major priority among the country’s residents. Consumers interested in more money management tips can visit the company’s website at DebtConsolidationUSA.com.