FAYETTEVILLE, Ark. (KFTA) — The holidays may be coming to a close, and many are just starting to pay off the bills.
According to financial data site Value Penguin, on average Arkansans have $6,747 in credit card debt this year.
Mark Foster with CCOA says the new year is a perfect time to look back and make adjustments to your budget, and using any extra cash wisely.
“Use any extra money from tax refund coming around the corner here or work bonus, or that sort of thing, to hammer that debt and knock that out,” Foster said.
Foster adds it’s better to use cash, checks, or your debit card instead of your credit card so you’re not adding any more fuel to the fire.
It’s also not too early to start saving for the holidays next year by opening up a second savings account and putting a little away each month.
Setting money goals in writing is an effective way to make sure you’re staying on track to succeed.