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Americans Are Budgeting Now More Than Ever — and It’s Getting Them Out of Debt, says New Debt.com Survey

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“It’s astonishing that something as simple as picking up a pen and paper and writing down your expenses can get you out of debt,” said Debt.com chairman and CPA Howard Dvorkin. “It can’t hurt you to budget, but it can definitely hurt you if you don’t.”  Half of those who said they don’t budget also said they don’t have debt

Other survey findings include: 

  • 88% said everyone should budget.
  • Over 60% said they prefer pen and paper while 9% use apps for budgeting.
  • 40% said that it’s a ‘family affair’ and the household works-together to stay on budget.
  • Nearly twice as many people (62%) said they will save throughout the year for the holidays compared to 33% in 2019 who said the same. 

Debt.com President Don Silvestri is hopeful that Americans will stick to the budgets they’ve created. 

“Budgeting is fundamental if you want to live a debt-free life. That’s why alongside all the solutions that we offer to pay off debt, Debt.com also connects people with tools that help them budget. So, once we help someone get out of debt, they can stay that way.” 

The news isn’t all good. Three out of ten (34%) of non-budgeters say they don’t earn enough to use a budget. However, Dvorkin says budgeting can help you find ways to save money. 

“Things like subscription fees and eating out don’t seem expensive in the moment, but you see how much they add up when you’re tracking them over a full month,” he said. “That’s the best thing about budgeting — it’s free and effective.”

ABOUT: Debt.com is the consumer website where people can find help with credit card debt, student loan debt, tax debt, credit repair, bankruptcy, and more. Debt.com works with vetted and certified providers that give the best advice and solutions for consumers ‘when life happens.’

SOURCE Debt.com

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Review: Bank of America® Customized Cash Rewards Credit Card for Students

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Now that most students are starting to return to in-person school, many young adults and their parents are once again looking for the right credit card. Having a credit card offers students a secure and convenient method of payment. It also helps students build credit and even earn some rewards. The Bank of America® Customized Cash Rewards Credit Card for Students excels at all of these tasks.

Key Terms

  • Welcome Bonus: Earn $200 cash rewards after spending $1,000 within 90 days of account opening.
  • Rewards: Earn 3% cash back in the category of your choice including gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. Receive 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases.
  • Annual Fee: None
  • APR: 13.99% to 23.99%
  • Promotional Financing Offer: 15 months of 0% APR on both new purchases and balance transfers.

How This Card Works

This card is a very competitive rewards card, especially for a student card. New applicants earn $200 in cash back after making $1,000 worth of new purchases within 90 days of account opening. You also earn 3% cash back in the category of your choice including gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. Additionally, you earn 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases.

But rewards shouldn’t be the most important thing to students. Instead, consider this card because it’s very easy for Bank of America customers to manage, along with their checking and savings accounts. It also helps students to build their credit by offering them a free FICO score each month. It’s compatible with digital wallet technology and can be managed by a full featured mobile app.

New accounts also receive 15 months of 0% APR financing on both new purchases and balance transfers, and there’s no annual fee for this card.

Advantages

While most student credit cards are very basic, this one comes with generous rewards, including a new account bonus. Other advantages are its promotional financing offer and free monthly FICO score. There’s no annual fee for this card, but that’s expected with a product designed for students.