With Credit Card Reduction Day approaching tomorrow, financial experts are urging consumers to evaluate their spending habits and create a plan to eliminate high-interest debt.
Dave Nellis with America First Credit Union said managing debt requires the right tools, education, and mindset. He warned against using credit cards to supplement income for purchases that do not produce long-term results, such as fast food.
“Am I going to spend more than I make, or am I going to save a little bit?” Nellis said.
Ignoring bills and collection calls is a major warning sign of financial trouble.
“That’s probably the red flag number one is if you want to block it out,” Nellis said.
To regain control, Nellis recommends adopting a…