Debt management may be an option for those who aren't yet in a position to save money

12/30/2009

Recently, a marketing professor at Baylor University provided some advice to those who are looking to improve their financial standing in the next year.

Dr. James Roberts said that saving should be one of the things on a person's mind when setting goals. In doing so, consumers should look to establishing an emergency savings fund while also putting away three- to six-months worth of expenses.

Along with saving money, Roberts suggested that people should consider avoiding using their credit cards, opting instead for debit or cash.

"When we pay with cash or write a check we have to count out that money or write out that amount," Roberts said. "We don't have that benefit or barrier with credit cards."

Though Roberts' advice may prove to be a good route for some, not everyone is in a position to be able to save money or pay off their credit card debt. People who are having difficulty dealing with their finances may consider a debt management plan, which can help consumers deal with their debt through reducing the number of bills they have to pay.

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