National Debt Relief Shares Financial Mistakes Consumers Should Avoid
Los Angeles-Long Beach, CA (PRWEB) September 10, 2015 -- National Debt Relief recently shared in an article published August 26, 2015 some of the financial mistakes consumers need to stay away from. The article titled “7 Personal Finance Mistakes You Avoid Like The Plague” aims to help people steer clear of devastating lapses in their money management to manage their finances better.
The article starts off by pointing out the possibility that consumers in the past had an easier time managing their finances. They could just have one checking account and one savings account as well as one credit card. They also got through their day-to-day expenses with cash and paid their card in full every month. But at present, managing finances is a little more complicated.
One of the financial tips the article shares is that consumers need to take advantage of online money transfers because it is a mistake to overlook its benefits. Apart from being able to save time because there is no more need to line up and make transfers and payments, consumers will have an easier time overseeing their accounts especially in funding checks.
The article explains that consumers are often willing to go with security than returns as evidenced in parking their funds in a savings account. The interest that can be earned in a savings account is usually less than the inflation rate effectively lowering and losing the value of the money in the account. It is better to invest the money rather than park them for a long time in a savings account.
It is important to pay the bills but the article advises against paying them way too early. There is a big difference with planning to make advance payment to prevent late payments and paying way too early for no reason. The interest that can be earned is lost because they are used to make early payments. But the article also warns against paying it too close to the due date because of the possibility that there might be a lag between sending the payment and the lender receiving it.
To read the full article, click this link: https://www.nationaldebtrelief.com/7-personal-finance-mistakes-you-avoid-like-the-plague/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 1-877-610-6990, [email protected]
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