Haunting financial horrors to avoid

(InvestigateTV) – A Council of Financial Educators survey found that a lack of financial knowledge cost Americans $1,506 in 2023.

Debt relief attorney Leslie Thain shared the most common financial mistakes she sees consumers making:

Not checking credit reports on a regular basis

She said people should not only look for errors, charges or cards they don’t recognize, but also check their credit score.

“I usually recommend October 31st because it’s a scary day and a lot of people are really scared to check their credit report, but it’s a good time to remember to do it,” Thain advised. “You’re entitled to a free credit report once a year, and now is the time to approach the end of the year to make sure your financial health was in order during the year.”

Not sticking to a budget

She said review budgets frequently and adjust them if necessary—make cuts where possible.

“Budgets are important,” Thain said. “If you don’t stick to your budget now, you’re going to have a very difficult time heading into the holiday season.”

Having credit card debt

Thain urged people to avoid accumulating debt. Even if it seems overwhelming, it’s never too late to start paying for it.

Make a plan now to pay off your vacation now to avoid the same financial struggles a year from now.

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