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Debt consolidation may be an option for those who haven't put away their credit card
By Peggy Stillwell on Feb 6th, 2010
One way consumers can avert financial problems may be to avoid using credit card debt.
Jodi Kaus, who runs a financial counseling service for Kansas State University, recently noted that consumers may find they can save more if they don't use a credit card. Using credit cards may encourage people to spend more, whereas cash puts people closer to the actual amount they are shelling out.
One reason why consumers may end up using a credit card is because of emergency expenses. However, a way to avoid that is to set up an emergency fund, which consumers can use for unexpected bills.
"If you're stranded with little cash and need a tow service, for instance, your debit card should work," Kaus said.
However, not everyone has heeded the kind of advice Kaus has to offer. Recent reports show that credit card delinquencies are still high as consumers continue to struggle to pay off debt. For those who are having problems, one option may be debt consolidation, which can help lower the amount people have to pay on interest.
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