Credit Card News

Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Five Resolutions to Avoid Making This Year

Five Resolutions to Avoid Making This Year

Add to Favorites:
Five Resolutions to Avoid Making This Year

After the ball drops in Times Square and the champagne flutes are emptied, many of us are ready to turn over a new leaf. At the stroke of midnight, people resolve to lose weight, get in shape, pay off debt, and put more money into savings. But could making those resolutions actually be a bad idea?

The National Foundation for Credit Counseling (NFCC) says yes. Here are the pitfalls of five popular New Year’s Resolutions. Don’t make these mistakes:

  • Resolving to pay off debt can become a problem if increasing payments to creditors leads to missing other essential payments like rent, mortgage, utilities, food, gas and medicine. Those should all take priority over paying down credit cards.
  • Vowing to get in shape and exercise more often leads people to sign up for expensive gym memberships. That’s why so many fitness centers run specials in January. Likewise, pricey exercise equipment could end up collecting dust. Find low or no-cost ways to exercise, like taking the stairs instead of the elevator, running in the park, or walking the dog an extra mile each day.
  • Saving money is a laudable goal, but if you’re socking away part of your paycheck instead of paying down high-interest credit cards, it can be a costly mistake. Compromise by putting a percentage of what you plan to put into savings toward credit card debt instead, starting with the card that has the highest interest rate.
  • Getting into the investment game to make the most from your money is another common resolution. But if you’re playing the stock market and failing to put the maximum contribution toward your employer-sponsored 401(k) or other retirement plan, you could be missing out on tax advantages and investments that will pay off more in the long run.
  • Going back to school to gain new skills may seem like a good idea, but be wary of taking on student debt in order to do so. Student loan debt is at an all-time high, and many people don’t stop to consider the reality of their chances of finding a job in their new field. Before you embark on new career training, think hard about how easy it will be to get a foothold in your chosen career path. If you still want to go back to school, look for grants instead of loans, as grants do not have to be repaid.

“There’s a right way and a wrong way to do most things, and New Year’s resolutions are no exception. Having a reality check, one which includes being honest about your limitations, is key to identifying the proper goals and meeting objectives,” according to an NFCC spokesperson.

Add to Favorites:

Related News:

AARP: Credit Card Debt Takes a Bite Out of Retirement Security

By Tony Sokol, Posted: January 29, 2013

Folks over 50 are carrying more credit card debt than younger generations, according to a recent study by the AARP Public Policy Institute and Demos. Continue reading
Credit Card Debt, Retirement, Healthcare Top Concerns of Generation X

By Elizabeth Nelson, Posted: June 20, 2013

Generation X carries a heavier financial burden than either the Baby Boomers who came before them or the Millennials who came after. Worries include cash flow, credit cards, and whether they will be able to retire. Continue reading
Chase Ordered to Pay Up

By Dar Dowling, Posted: July 15, 2015

Chase Card Services will be paying $136 million to settle up with Consumer Financial Protection Bureau (CFPB) and attorneys general in 47 states and the District of Columbia in a recent agreement. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit