SALT LAKE CITY — If you live paycheck to paycheck... You are not alone.
A recent payment intelligence report reveals that 65% of respondents say they go through all their money before or right up until their next payday. 35% say this is because of insufficient income.
That's followed by 23% who say they have high debt burdens like credit cards, something Chris Makowski, host of "The Watchdog on Wall Street Podcast", says you need to eliminate as soon as possible.
"You've got to deal with that up front and first and foremost you have to do everything and anything to get that down. I can do nothing for you, I am a financial planner. I build portfolios for people, I have clients all over the country - very difficult for me to help you make money if you are already paying 25-30% on credit cards so that has to be done right away" Chris also acknowledged paying off credit card debt takes discipline and time, and says once it's gone, the opportunity to save is so much greater.
If you need help making a game plan to reduce credit card debt, many credit cards offer debt counseling free of charge. Look for the credit counseling number on a statement.
Most banks or credit unions also have financial planners at no cost if you have an account at the institution.
