Survey the Damage, Take Action, and Start the New Year on a Strong Financial Footing

“The holidays are over. Now it’s time to survey the damage. Don’t panic.” – Jesse Campbell MMI Content Manager

You are viewing: Survey the Damage, Take Action, and Start the New Year on a Strong Financial Footing

STAFFORD, Texas, Dec. 30, 2024 (GLOBE NEWSWIRE) — Money Management International (MMI), a leading nonprofit organization dedicated to helping Americans overcome financial challenges, challenges consumers to make 2025 the year they take control of their finances and work towards being debt-free.

With the holiday season behind us and financial challenges such as inflation and rising costs persisting, now is the time to assess financial health and take the first steps toward achieving long-term stability.

“The holidays are over. Now it’s time to survey the damage,” said Jesse Campbell, Manager of Content and Engagement at MMI. “Don’t panic. Instead, come up with a realistic plan to tackle debt. At MMI, we’re here to help you make 2025 the year you take control of your finances.”

The Financial Landscape: Key Challenges

A recent Harris Poll conducted on behalf of MMI found that over four in five Americans with credit card debt (83%) struggled to make ends meet in 2024, with inflation cited as the most significant factor. Rising costs of essentials like groceries and utilities have forced many households to adjust their budgets. Among those facing financial difficulties, 92% have already made changes, such as cutting back on dining out and entertainment.

Holiday spending compounded the issue for many. According to NerdWallet, nearly three in 10 Americans who used credit cards to pay for holiday gifts last year still haven’t paid off their balances. These trends highlight the importance of taking swift and deliberate steps to manage debt.

Practical Steps to Financial Freedom

MMI offers the following advice to consumers looking to tackle their debts in 2025:

1. Take Stock of Your Finances

Understanding your financial situation is the first step. MMI recommends consolidating information about:

• Total debt

• See more : SoFi Technologies: Buy, Sell, or Hold?

  Interest rates

• Payment due dates

• Accounts that may be past due

• Promotional rates or benefits (e.g., expiring 0% APR offers)

“Debt is just a number,” said Campbell. “Once you see where you stand, you can formulate a realistic plan to tackle it.”

2. Find Your Financial Wiggle Room

Small sacrifices can make a big difference. Consumers should look for opportunities to:

• Cut back on non-essential spending, such as dining out or entertainment

• Temporarily reduce certain expenses until their debt is under control

3. Don’t Get Comfortable with Debt

“The trick with debt is to manage it without letting it control your life,” added Campbell. “But don’t get so comfortable you forget it’s there. Holiday spending will come again, so make it a priority to pay down what you owe now.”

Story Continues