Credit Counselor Weighs In On Pending Fiscal Cliff
By: Rachel Polansky
Updated: December 11, 2012
As January approaches, many are wondering how will Washington deal with
the pending fiscal cliff? Mortgage interest, state income taxes,
spending cuts; virtually everything is on the negotiating table.
In your economy tonight, an area credit counselor breaks down some of the numbers. Clearpoint Credit Counselors say it's very likely that the Bush payroll tax will be allowed to expire. That means for a single filer earning $45,000 dollars, they could see a nearly $1,000 dollar reduction in take-home pay. So what's the best way to prepare for possible finance challenges in 2013? An area expert weighs in.
"Things are always going up, so always look at what you can reduce. A lot of people have automatic drafts coming into their checking account for maybe Netflix or gym memberships they don't use. So think of small things that won't affect your daily life - to make up for that less income that may be coming into the household," says Amy Bellavia, certified credit counselor.
And just 3 weeks remain to cut a deal before the automatic tax hikes and spending cuts of the fiscal cliff will go into effect on January 1st.
In your economy tonight, an area credit counselor breaks down some of the numbers. Clearpoint Credit Counselors say it's very likely that the Bush payroll tax will be allowed to expire. That means for a single filer earning $45,000 dollars, they could see a nearly $1,000 dollar reduction in take-home pay. So what's the best way to prepare for possible finance challenges in 2013? An area expert weighs in.
"Things are always going up, so always look at what you can reduce. A lot of people have automatic drafts coming into their checking account for maybe Netflix or gym memberships they don't use. So think of small things that won't affect your daily life - to make up for that less income that may be coming into the household," says Amy Bellavia, certified credit counselor.
And just 3 weeks remain to cut a deal before the automatic tax hikes and spending cuts of the fiscal cliff will go into effect on January 1st.
