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To help ensure your success, let’s address a few tips on how to turn those New Year’s resolution ideas into reality in 2024 and beyond. Save more for retirement. Increase contributions to retirement accounts such as your 401(k) or IRA. Empower yourself to live debt-free by paying down high-interest debts such as creditcards.
Americans increasingly pulled out their creditcards to pay for a whole slew of more-expensive goods and services, which resulted in the biggest surge in creditcard debt in more than 20 years. As you think about your personal finances heading into 2023, creditcard debt should be top of mind.
A 2024 Bankrate survey found that it isn’t uncommon—42% of married or partnered U.S. Other examples of financial infidelity include getting cash back without telling your spouse, having secret accounts, stashing cash, opening a creditcard without your partner’s knowledge and/or accumulating gambling debts.
She sold that business in February 2023 and had planned on retiring but quickly grew bored, as entrepreneurs often do. It might seem daunting, but Duncan recommends printing out three months of bank and creditcard statements and then setting aside 30 distraction-free minutes to comb through them. How would you respond?’”
Whether preparing to buy a home, start a business, travel the world or retire early, a good understanding of financial concepts will set you up for success. Debt Management Effective debt management begins with understanding your different debt types—like student loans, creditcards and mortgages—as each affects your finances differently.
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