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Consumer Affairs

Many in-debt consumers are unwilling to stop spending, survey finds

By Mark Huffman

Nick Holeman, a certified financial planner at Betterment, an online financial advisor, says consumers with credit card debt need to stop spending and start saving. Holeman suggests consumers set up an auto-deposit at their bank so they can transfer money from a checking to a savings account on a regular basis

“It can be easy to get excited about a raise and quickly up how much we are spending each month,” Holeman told ConsumerAffairs.” Instead, decide ahead of time that if you get a raise this year, you will save half of it. If you find yourself with a $500-a-month raise, it’s okay to spend $250, as long as you save the other $250. The same goes for your bonus.”

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This article originally published July 15th, 2019 on Consumer Affairs