The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
Did you make a New Year’s resolution to be more financially responsible? How’s that going?
TransUnion recently commissioned a Google Consumer survey to find out. Nearly a quarter (22 percent) of those surveyed have abandoned their 2013 financial resolutions. Even those making progress were behind schedule: 29 percent of Americans surveyed are less than halfway to their goals for this year.
But 2013 isn’t over — consumers can use the next four months to regain lost ground on personal finance goals.
Whatever the resolution — to reduce credit card debt, spend less, adhere to a budget, pay off more loans — the first step toward reaching it is to check your credit.
You can get your free credit score from Credit.com, and every consumer is entitled to a free credit report from each of the three major bureaus: Experian, TransUnion and Equifax.
Once you know where you are, look back at your resolutions. Be realistic about what you can attain by the end of this year, and adjust your goals appropriately.
Set calendar reminders to keep up with your goals. Check your progress every two weeks: Are you on track to meet your budget? Look ahead to make sure you stay on target. How much of your credit limit are you using? Your credit utilization ratio has a significant impact on your credit score.
“The rule of thumb is that consumers who use less than 10% of their available credit tend to be those with the highest credit scores,” says Credit.com Co-Founder and Chairman Adam Levin.
It sounds obvious, but regularly checking the status of your finances will help you stay on top of your goals. Knowing your numbers will help you make smart day-to-day consumer decisions.
With the ability to set recurring payments online, there’s no reason to miss a bill. Change your settings to pay more than the minimum balance — pay off as much as you can afford, or pay your bills in full, if you can. Use this calculator to figure out how quickly you can get out of debt.
If you’re thinking, “I’ll tackle financial resolutions next January,” stop. Putting off good credit habits could cost you a lot of money in the way of higher interest rates.
Setting goals in 2014 is still a great idea, but start climbing the hill now so it isn’t as daunting come January. If you didn’t set 2013 resolutions, there’s no reason you can’t make a few end-of-year goals. Here are some example resolutions to consider for this year and next.
Image: iStockphoto
March 11, 2021
Personal Finance
March 1, 2021
Personal Finance
February 18, 2021
Personal Finance