What’s In Your Wallet?
According to several recently published surveys, American consumers are sinking deeper into credit card debt. KAMB is here to help.
In an article posted this past Saturday, TheHill.com reported that surveys suggest the recent rise in credit card debt is less about impulse buying and more about survival. American wages are rising; consumer prices are rising faster. Simply put, stuff costs more.
The #1 thing you should seriously consider this year
Rob West says the number one thing you should do in 2023 is to get out of debt[1], which sounds simple, but it’s not easy. Rob is the host of the radio broadcast, Faith & Finance, on weeknights at 9:30 on KAMB.
Says Rob,
“With today’s higher interest rates, you’re paying even more to carry balances on credit cards. Use the snowball method to pay off those cards. You’ll need to be on a budget to determine how much extra cash you have to pay down your debt.”
Making and sticking to a budget to pay off those cards is just one consideration for 2023. Other financial tweaks for the year include making sure you’re maxing out any matching contributions in your 401k or 403b, and even contributing additional funds to your 401k, 403b, or your IRA accounts. Rob also suggests you consider improving your skill set by taking web courses.
Tune In for Help
Faith & Finance with Rob West is part of KAMB’s weekly teaching lineup from 9:30-10:00 pm. For even more biblical counsel on helping you with your finances, visit the website of Faith & Finance when you click here.
[1] West, Rob. January 3, 2023. Financial tweaks for 2023. Faith & Finance with Rob West [podcast]. Retrieved January 23, 2023 from https://open.spotify.com/episode/26ttR6TcutOvBgRH3I5qtZ.
