Experts offer consumers advice

As the number of foreclosures and bankruptcies increase and the savings rate for Americans is at an all-time low, The Clarion-Ledger polled some area money managers for some tips consumers could use to keep more money in their pockets.

Almost all the advisers suggested consumers make conscious decisions about where and how they spend their money.

ASSESS YOUR SPENDING

Spending more money than you make is a common problem, said Stacey Wall, president and chief executive officer at Pinnacle Trust Wealth Management in Ridgeland. Get a real picture of your spending by keeping a journal for every purchase or use a computer program to track spending.

AVOID CREDIT CARD INTEREST

Minimum-payment syndrome causes many consumers to take years to pay off a credit card, said Todd Mark, a spokesman for Consumer Credit Counseling Service of Atlanta and Jackson. "You're not tarnishing your credit, but you're not making any headway either," he said. The best route is to pay off a credit card in its entirety each month, he said. If you can't afford to pay the total bill, pay more than the minimum payment if you can.

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