Common Money Issues People Face

Money problems can also crop up later in life, as a result of unexpected medical expenses or a job loss, or when you’re nearing retirement and realize you haven’t saved enough.

High Credit Card Debt

There are several perks to paying with a card instead of cash, including convenience, purchase protections, and rewards programs.

A Low Credit Score

A low credit score can make it harder to get a loan, such as a mortgage or a credit card. And even if an application is approved, the interest rate the lender offers may be higher.

A solid contingency fund that contains at least three to six months’ worth of living expenses can be an essential component of financial stability.

Not Having an Emergency Fund

Spending More Than You Earn

It can be easy to blow through more money than you actually earn, and much harder to achieve your financial goals.

Facing  Foreclosure

People can end up in foreclosure for any number of reasons, including financial mismanagement (buying too much house or choosing a loan payment they can’t afford).

Student Debt

According to Sallie Mae’s How America Pays for College 2020 report, families reported paying $30,017, on average, for higher education in the 2019-2020 academic year.

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