Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com 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. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Win The Lottery and Pay Down Debt

Win The Lottery and Pay Down Debt

By
Add to Favorites:
Win The Lottery and Pay Down Debt
January
4

What is the first thing you would do if you won the Lottery? Buy a house, take a trip or pay down your debt? If you picked pay down or off your debt, you are in good company according to a new study by the National Foundation for Credit Counseling (NFCC), finding that 87% of people say their first priority if they win the lottery is to get rid of their debt.

“This survey demonstrates that eliminating debt is much more important to Americans than building savings,” said Bruce McClary, spokesperson for the NFCC. “Debt can get in the way of important financial goals when it grows out of control, but there are ways to turn that around without neglecting savings.”

The top five

What are the top things people will do if they win the lottery? Yes, paying off debt took the top spot but other aspects came up as well including:

• Grow their savings and invest some money 8%
• Get a new car or house 3%
• Do some traveling and explore entertainment options 1%
• Share some cash away to family and friends 1%

NFCC Tips for reining in debt

Debt is a hot button issue for many Americans, and the NFCC has come up with some ways people who have not won the lottery or received another financial windfall can get a handle on their debt.

First things first, they suggest rethinking your approach to managing debt. Part of this may well be upping monthly payments to pay down debt faster, and to do that with accounts that charge the most interest, thereby saving money in the long run.

What about your 401(K) or personal savings? They suggest paying yourself first, before paying off expenses, in order to keep your goals and completing them in the forefront of your mind.

What if you have more than one account that needs cleaning up? They suggest combining them into one credit card or getting a loan to roll them all into, effectively consolidating your debt. They suggest that this approach works best if the interest rate and fees are low.

Add to Favorites:

Related News:

Upswing in Travel Spending for Americans

By Dar Dowling, Posted: December 28, 2016

In 2017 Americans are set to do lots of traveling, and are willing to spend to do it according to the new Choice Hotels 2017 Travel Forecast. Continue reading
USA Technologies & Apple Pay Team Up For Loyalty Programs

By Dar Dowling, Posted: January 16, 2017

If you have ever wondered when you could use Apple Pay with the MORE loyalty program, you no longer have to wonder. It’s on the horizon, with an announcement from USA Technologies, Inc. a payment technology company specializing in ... Continue reading
Ford Integrates Exxon Quickpay into Their Cars

By Dar Dowling, Posted: January 13, 2017

Pull up to the pump, fuel up, and pay directly from you car? Is that really possible? It is with the newly announced integration of the ExxonMobil's Speedpass app into Ford cars. 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
You could turn $200 into $400 with Cashback Match™. We’ll automatically match all the cash back you earn at the end of your first year. New cardmembers only.
For Excellent, Good Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit