Ep 103: Five Steps To Implement Today to avoid Credit Card Debt in 2023

Credit card debt can be a real issue if not managed properly, it is essential for individuals to take certain measures to prevent it from piling up in 2023. Here are five steps that can help prevent credit card debt:

1. Create a budget plan: The first step in preventing credit card debt is to create a budget plan. This will help individuals track their expenditures and account for their income. The budget should include essential expenses such as rent, groceries, and utilities, along with discretionary expenses such as entertainment and shopping.

2. Pay off debts: Individuals should prioritize paying off any existing debts before taking on new ones. They can start by making minimum payments on all credit cards and paying extra on cards with high-interest rates until they are paid off.

3. Use credit cards sparingly: Using a credit card can be tempting, but individuals should limit purchases to what they can afford to pay off at the end of the month. They should avoid using credit cards for everyday expenses and only use them for emergencies or for big-ticket items that they need to purchase.

4. Monitor credit score: Reviewing credit reports regularly is important in keeping credit balances low. If a report has an error or fraud, individuals should inform credit bureaus right away. Lower score means higher interest rates on credit card loans.

5. Increase Savings: Building an emergency fund to address unforeseen circumstances is important. Putting aside some money each month is a good habit to start for emergencies.

Ultimately, preventing credit card debt in 2023 requires discipline, careful planning and monitoring. By following these steps, individuals can ensure that they do not find themselves overwhelmed by their credit card balances.

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DISCLAIMER: I am not a financial adviser. This Podcast is for educational purposes only. Investing of any kind involves risk. While
it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own
research. I am just sharing my opinion.

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This podcast is sponsored by Amirison Financial. Our goal is to help the culture build Wealth Assets Prosperity. We appreciate you taking the time to listen to this episode and share the content if you find value.

This podcast is sponsored by Amirison Financial. Our goal is to help the culture build Wealth Assets Prosperity. We appreciate you taking the time to listen to this episode and share the content if you find value.