Michael Kinsman Offers His Advice on Credit Cards and Making Payments on Time in WalletHub

Americans are known for being big spenders…sometimes, too big. With an average household credit card balance of more than $8,000, many people now cannot keep up with the payments. In the face of high debt, Michael Kinsman, Pepperdine Graziadio faculty member, offered his best advice to tame the credit beast. The topline recommendation: “Budget. If you cannot afford it (which really says that you should not have bought it or that it is so important that it is an "exception" purchase), you need to defer the purchase,” said Kinsman. “My advice, then, is to plan for what you can afford... Luxury spending should be cut if you cannot afford it.” He went on to describe what to do if you worry about missing a credit card or an electric bill payment: “translate that worry to an action: Budget and include important things like electricity.”

The full WalletHub article is available here.