Consumers are preoccupied with improving their financial situation.
Miami, FL (PRWEB) March 04, 2014
Debt Consolidation USA, one of the leading sources of debt and personal finance information, published an article titled “8 Habits That Will Threaten Your Future’s Financial Security.” This article was published on February 26, 2014.
According to the article, consumers are preoccupied with improving their financial situation. That is the reality in a consumerist society. But while financial improvement is important, the article encouraged consumers to aim for financial security.
There are many habits that will make or break the financial security of consumers. The article focused on 8 specific habits that can threaten the future security of a consumer’s personal finances.
1. Relying on a future paycheck. This is what people do when they purchase items through credit. This is dangerous because if that paycheck does not arrive, the consumer will have problems paying off the debt.
2. Owning too many credit cards. Basically, the article mentioned that too many card accounts can lead to too much debt.
3. Disregarding overdraft fees. All checks must be funded otherwise, it can lead to a waste of money when the consumer is forced to pay overdraft fees.
4. Not organizing bills. The article warned consumers to keep their financial documents in order to avoid making any mistake.
5. Using home equity as a debt payment. Unless the consumer has no other choice, this should be avoided. They can lose the only asset that they have.
6. Getting money from a retirement fund. While technically this is the consumer’s money, the article discouraged them from using it because the consumer will end up paying double taxes on a portion of this fund.
7. Failing to talk about money. This is only applicable to couples (partners or spouses). Failure to communicate financial problems can lead to tension and even divorce.
8. Not contributing to savings. This is especially true for emergency funds. The consumer must prioritize this expense.
Debt Consolidation USA highly encourage consumers to avoid these habits and to develop the opposite. To read the full explanation for each habit, click on this link: http://www.debtconsolidationusa.com/personal-finance/8-habits-will-threaten-futures-financial-security.html.
Debt Consolidation USA is a debt relief website that consumers can go to for debt relief information. They also offer debt relief services. Call 1(877)610-6990 to talk to one of their friendly debt experts to get more information about various debt solutions.