Being Smart With Your Money: 5 Ways To Reduce Debt in the New
Year In this economy, it seems everyone is watching their
pennies. Here are some ways to reduce and prevent debt in 2011
The national debt increased more than 1.6 billion – excuse me,
trillion dollars in 2010, rising to a record $14 trillion
according to the U.S. Department of Treasury. Additionally,
personal bankruptcies rose by nine percent to 1.53 million.
These two statistics alone, not to mention the countless others
that make us wish we had a time machine to go back to the 1990s,
are enough to make the hairs on anyone’s neck stand on end. But
there is hope. It’s a new year, and that means an opportunity to
avoid debt and be smart with your money for the next 12 months.
With the help of David Rector, manager of the Manassas Park
branch of Alliance Bank, here are some tips on how to make it
happen: 1. Know where your money is going This is the single
most important thing you can do to avoid debt, Rector said.
“Think about it. If you go to Starb