By Vanessa Bright, Capital Gazette
The average outstanding credit card balance is $15,593. The average mortgage debt is $153,184 and average student loan debt is $32,511, based on government data. In total, American consumers owe $11.62 trillion in debt, an increase of 3.45 percent from last year.
Plan now to save in 2015. (Photo by David Cooper/Toronto Star via Getty Images)
Every year, money and managing debt make the list of the most popular New Year’s resolutions. Then why aren’t Americans saving more and incurring less debt? What can be done to change these daunting trends?
If you want to save more in 2015, don’t wait. It is easier than you think. None of us are born knowing how to save or invest. Some may stumble into financial security from an inheritance, successful initial public offering or the lottery, but most will get it by saving and investing over the long run.
Your first step is to create a financial plan. What are your financial goals – a home, college funding for your kids or a car? Assign a cost and a date for completion to each goal. This will require some research. How much will the car you want cost? Don’t forget to factor in maintenance and insurance.
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