Staying Out Of Debt | WGLT

Staying Out Of Debt

Nov 29, 2016

Credit Keoni Cabral / Flickr

It makes sense to keep your debt load low, but what's the best way accomplish that?

During Sound Money, Edgar Norton, director of Illinois State University's Institute for Financial Planning and Analysis, said credit cards are a main culprit.

"We need to get spending under control. Part of that is looking at, 'what am I spending money on now? And what's really necessary, and what can I cut back?'," Norton said.

"Obviously some things you're locked into, with a long term contract for a car lease or rent, but as those come up for renewal, you can seriously look at if some things are really needed, like an expensive cell phone or unlimited data or wifi access," Norton added.