Department of Banking and Finance

PAYING DOWN DEBT IS SAVING Thursday, April 10th 

Just like having a plan for saving is important, so is having a plan to pay down your debt.

Recent reports show that individuals have increased their usage of credit cards due to ongoing inflation and rising costs of our basic needs like housing, food, and transportation. Couple that with the return of student debt loan repayment and the interest rates increase, and the ability to pay down debt is exacerbating the savings crisis, hindering the ability to save for emergencies and remain financially stable for many Americans.   

As you pay off your debt you are freeing up money, allowing you to direct those funds toward saving for something else that’s important to you – perhaps an emergency/opportunity fund, a vacation, home purchase, or retirement.  This money is freed up as you spend less on interest, and possibly late fees, and lowering the debt balances themselves.

America Saves Week, is a time-honored event; a national opportunity for organizations to work together within their communities to transform the lives of millions of Americans by encouraging them to save successfully. The America Saves pledge is the framework that allows savers to set a goal, and make a plan to achieve better financial stability.  For more information, visit https://americasavesweek.org/.