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| Credit Answers > Debt-Management-Articles-2009 > Debt Tips |
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Heading into the new year, one must remember the sound prinicipals of getting out of debt.
1. Save and Monitor Your Money
2. Set Savings Goals
3. Create A Successful Monthly Budget
4. Save Funds for Debt Settlement
5. Make Spending Cuts
6. Budget Guidelines
7. Stick With Your Savings Schedule
8. Updating Your Savings
For more detailed debt advice please click here.
Don't Be Fooled By Internet Crime
The Anti-Phishing Working Group reminds consumers to be cautious regarding suspicious e-mail, instant messages or text messages that appear to be from online retailers, banks or auctions sites.
Phishing is a form of Internet crime in which the perpetrator(s) attempt to fool people into giving out personal information by guiding them to a fake bank, retail or other company website which is almost
identical to a legitimate site. According to the Anti-Phishing Working Group, there has been a 600-percent increase in criminal "phishing" attacks this year.
Consumers may want to avoid responding directly to phone calls or e-mail communication claiming to be from a bank or other company they do business with. Also, consumers should be wary of clicking on links in
e-mail messages that claim to be from familiar companies. It is suggested that consumers call the customer service number listed on their monthly account statement to verify that any communication received
is legitimate.
The Anti-Phishing Working group is an association of professionals and organizations that have combined forces to fight Internet crime.
Some Shoppers Still Carry Debt From 2008 Holiday
A recent Consumer Reports holiday shopping poll revealed that six percent of Americans, approximately 13.5 million consumers, continue to carry debt from last winter's holiday season.
According to Consumer Reports, of the 38 percent of consumers who made a budget last year, 44 percent reported that they exceeded it and five percent said they went over budget with many still struggling
to pay off last year's holiday debt.
More than half of this year's survey participants indicated that they would once again make a budget for the 2009 holiday shopping season. Participants indicated that they plan to spend less on themselves,
holiday travel and entertaining.
Many who were surveyed plan to decrease spending by giving only to grandparents, grandchildren, relatives 18 years of age and under and the family pet.
Go to www.ConsumerReports.org if you would like more information on poll results.
Tough Economy Concerns Young Adults, Too
A report released by AARP indicates that older adults aren't the only Americans concerned about the economy. Young adults under 34 years of age are also feeling anxious. The survey, "Personal Finances: The
Final Frontier of Social Media," is based on the answers of 1,002 young American adults aged 18-34.
Fifty-seven percent of those surveyed consider their financial situation to be the biggest concern in their lives with nearly eight out of ten young people having debt of some kind.
The most widespread form of debt among young adults surveyed is credit card debt, considered "bad debt" by most financial experts. Sixty-eight percent of respondents admit that finances have caused stress
in their relationships and/or friendships.
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