Wisconsin Saves Fun Tip: New Years Resolution: Get Out of Debt!
The Wisconsin Office of the State Treasurer proudly teams up with WWBIC (Wisconsin’s Womens Business Initiative Corporation) for “Wisconsin Saves.” Each week, we will share with you a savings courtesy of WWBIC. This week, how to kick off the New Year with a cleaner fiscal house. We take at a look at how to GET OUT OF DEBT…..
Get Out of Debt
Getting out of debt is the #3 goal Savers select when they pledge to save. That does not come as a surprise since a 2012 survey showed that 45% of families with annual incomes under $50,000 rely on credit cards to pay for basic needs such as rent, utilities, insurance and food. Large consumer debts can also keep you from saving and building wealth.
The good news is that there is hope. With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth.
Are you in Trouble?
If you answer “yes” to any of the following questions, then you probably need to get your debts under better control:
1.Can you only afford to make minimum payments on your credit cards?
2.Do you worry about finding the money to make monthly car payments?
3.Do you borrow money to pay off old debts?
4.Have you used a home equity loan to refinance credit card debts, then run up new revolving balances on your cards?