Reported 3 months ago
With economists predicting a significant chance of recession in the coming year, it’s crucial for individuals to prioritize paying down credit card debt. The average credit card debt in the U.S. is over $6,700, and carrying this during a recession can lead to financial strain. Experts recommend creating a plan to manage debt, adjusting budgets to reduce credit utilization, and using tools like balance transfer cards for interest savings. Also, maintaining savings is emphasized as a safety net during economic downturns. While the future is uncertain, being proactive about debt repayment and savings can significantly mitigate financial risks.
Source: YAHOO