Finex Blog

Americans average about four credit cards per person with an average balance of about $8,000. Add in a car payment and an outstanding medical bill, remembering to make all those monthly payments or struggling to meet the minimum payment are the main reasons people look at debt consolidation. Instead of making multiple monthly payments, consumers consolidate their debts into one monthly payment, often at a lower interest rate and monthly payment.

Although over 40% of Americans' financial resolution is to find ways to save more money, less than half of Americans use budgeting as a way to save. Making a personal budget not only helps people save but can also help them achieve financial stability. Knowing how much money is needed to cover expenses can help prevent overspending. It can also identify places to reduce spending, allowing for more savings to take place.

Proper debt management leads to financial security in the future – something we all hope to achieve. In fact, much of our financial success depends on our ability to manage debt, which when properly done, allows us to regain our financial wellbeing. The more you know about debt, the better you can effectively manage your finances and succeed, so it’s always a good idea to learn about better money management any opportunity you get.