Kristy Archuleta, associate professor in the College of Family and Consumer Sciences, was recently quoted in a CNBC article about financial health. The article discussed how messy finances prevent people from achieving their financial goals.
Archuleta said that one indicator of a “financial junk drawer” is making a purchase and lying about it.
“Hiding income, large credit card debt and having a secret bank account are bigger common financial secrets,” Archuleta said.
She follows up her statement by acknowledging that most people’s lack of financial knowledge makes managing money feel overwhelming.
“If you have credit card debt, start paying off one credit card at a time by paying more than the minimum balance,” Archuleta said.
She also advised that people change their habits in order to put more money toward paying off credit card debt.