NFCC Cautions About Financial Amnesia
In the December poll hosted on the National Foundation for Credit Counseling (NFCC) website, 56 percent of respondents predicted they would be in a better place financially at the same time next year. But people need to guard against financial amnesia, the affliction of too quickly forgetting the mistakes and pain of the past.
New Year's resolutions typically involve getting out of debt, But the basic step of creating a spending plan is rarely on anyone's list, as many people don't want to face the financial facts. NFCC encourages consumers to take the first step toward debt reduction by building a 2014 financial plan that includes:
- The unexpected
- Long-term savings
- Known periodic expenses
- Household and vehicle maintenance
- Travel
- Major purchases
- Charitable giving
- Health insurance
- Investing
- Debt reduction
"As we begin a new year, starting down the right path now and staying on course can do wonders for financial stability and independence," said Cheryl Spencer-Borden, President and CEO of Consumer Credit Counseling Service of Orange County. "We understand that this can be a challenge and encourage anyone seeking assistance to take advantage of our programs that have helped so many others reach their financial goals."
For complete information about personal financial planning resources available from Consumer Credit Counseling Service of Orange County, visit www.cccsoc.org.
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