CNBC reports that $4tn is owed by everyday people, a number bigger than the GDP of the UK, France and India. In North Hollywood, the problem is felt acutely; with Curbed reporting that rents of $1,650 a month are not uncommon, it’s unsurprising that many find themselves in debt. NoHo citizens should be aware of the tips and principles available to them to make their money work for them.
When you need credit
Debt should be avoided, but credit is not in itself a bad thing. When managed properly, credit can be used for a number of reasons, such as providing the boost you need for improvements that will help you in the long run, or, to help consolidate previous debt. California in particular is in a good place when it comes to lending. According to the Fresno Bee, a new state law will liberalize the banking system, enabling greater variety and more personal types of lending that will be fit for purpose.
Taking the initiative with shopping
On the day to day, there is a lot more that the average person can do to save cash. The culture of convenience and a loss of a budget has led many to overspend when shopping; NerdWallet estimate that 51% of people overspend during their routine shop. With leisure time, the NoHo card provides discounts on numerous local businesses, and national online service Retail Me Not is updated by consumers to provide tips on daily deals. When you go to shop, plan ahead, try to buy in bulk, and always have an eye on the deals. You could make substantial savings.
Participate in a co-op
Cooperatives are starting to become popular once again. According to Patch NoHo, these operations provide a range of services for small investments each month. Among these is a Toluca Lake co-operative. These can save you money through providing better value on things like fresh produce, which can be overpriced in the supermarkets. Many also provide a facility for savings, subject to various rules. This level of community engagement helps to provide education on being sustainable while providing a little extra for your dollar, week in, week out.
The debt burden is increasing as cost of living rises. This doesn’t mean that those with debt should panic. There are plenty of options to work around any debt burden; what they have in common is a requirement for patience and hard work to succeed.