Around this time of year, many people may be contemplating resolutions for the new year, including common ones like quitting smoking or losing weight.

However, given the recent problems some consumers have had with debt management and budgeting, other people may take a different approach this year by sticking to financially-related promises for 2010. Recently, the CEOs from member organizations in the National Foundation for Credit Counseling gave their own suggestions as to what people should resolve to do in the coming year.

Coming in at the very top of the list of suggestions from the executives was saving money, a practice that can help consumers if they find themselves with emergency expenses or suddenly without a job.

“Americans might ask themselves how they paid for their last emergency. If it was with a credit card, that?s a red flag,” the NFCC report said. “A person who cannot afford an emergency is not likely to be able to afford the interest, late charges, and over limit fees that could be associated with adding to their debt load.”

Budgeting was also a suggestion made by CEOs, as was tracking where people spend their money. By keeping a tally of where money goes for 30 days, consumers will have a better idea where they can cut back expenses. They will also be able to better guide their money every month, which could make things easier.

Another recommendation made was for consumers to reduce their debt, though doing so could mean that they have to adjust how they live their lives. Doing so, however pays off in the end as it allows people to eventually save money and reduce stress associated with outstanding loans.

Many Americans have already taken it upon themselves to reduce the amount of debt they carry. According to the Federal Reserve Board, revolving consumer credit – which is mostly credit card debt – fell at an annual rate of 7.3 percent during the third quarter. This continues a reduction trend that started in the fourth quarter of 2008.

More Credit & Debt Articles | News Home | Discuss in our Forum


Consumers should consider saving money as a primary goal.


Related Articles

  • People continue to struggle to pay off credit card debt as delinquencies and charge offs increase &nbsp&nbsp12.31.09
  • Consumers wary of online credit card transactions &nbsp&nbsp12.29.09
  • Groups warn about pre-clicked online offers that charge credit cards &nbsp&nbsp12.29.09
  • New rules from Fed, FTC could provide consumers notice when credit report plays into loan terms &nbsp&nbsp12.28.09
  • Credit cards cited as beneficial for some purchases &nbsp&nbsp12.27.09
  • Consumers find effective budgeting is harder than it sounds &nbsp&nbsp12.26.09
  • Payment options emerge for consumers wary of more debt &nbsp&nbsp12.24.09
  • American incomes increased again last month &nbsp&nbsp12.23.09

Insight and Guidance for Smart Choices® 

About Us | Press | En Español | Affiliates | Privacy Policy | Terms of Use | Site Map | Opt Out

Free Credit Report | Loans | Auto Loans | Payday Loan | Debt Consolidation
Home Loans | Credit Score | Credit Cards | Personal Loan | Learning Center
© 1996-2009 Credit.com, Inc. All rights reserved.

  • Cards by Credit Score
  • — Excellent Credit
  • — Good Credit
  • — Fair Credit
  • — Bad Credit
  • — No Credit
  • Credit Card Rewards
  • — Airline Miles
  • — Cash Cards
  • — Reward Points
  • — Gas Cards
  • Low APR
  • Balance Transfer
  • PrePaid Cards
  • Secured Cards
  • Business Cards
  • Student Cards

  • Free Trial Credit Reports
  • 3 Credit Scores & 3 Reports
  • 3 in 1 Credit Report
  • FICO Scores
  • Credit Monitoring
  • Identity Theft
  • Credit Report Comparison Chart

  • Money Market & Checking
  • Savings
  • Certificates of Deposit (CDs)

  • Personal Loans
  • Emergency Loans
  • Auto Loans
  • Home Loans
  • Student Loans
  • Loan Status
  • Loan Comparison Chart

  • Free Debt Consultation
  • Tax Help
  • Debt Consolidation Loan
  • Mortgage Loan Modification
  • Bankruptcy Help
  • Debt Help Product Comparison

Similar Posts:

  • Share/Bookmark