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ACCC Highlights the Most Important Financial Mistakes to Avoid


American Consumer Credit Counseling discusses the top seven financial mistakes all consumers should try to avoid   Financial Mistakes to Avoid

(Boston, MA) – January 21, 2018 – When it comes to protecting finances, it is critical for consumers to avoid major mistakes that can impact them down the road. In an effort to help consumers live a healthy financial life, national nonprofit American Consumer Credit Counseling (ACCC) discusses important financial mistakes to avoid.

“We all make financial mistakes, but it is important to learn from them so that consumers can achieve financial security and stability,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “Consumers should pay attention to big and little expenses that can add up quickly. That way, they can avoid the dangers of overspending and determine areas to cut back to contribute more to their savings.”

According to NerdWallet’s 2017 American Household Credit Card Debt Survey, the total credit card debt in the U.S. continues to rise to an estimated $905 billion in 2017, up eight percent from 2016. On average, households in the U.S. owe $131,431 in debt. The survey also found that 41 percent of respondents who have a credit card say that spending more than they could afford was the reason they fell into credit card debt.

ACCC discusses important financial mistakes to avoid.

  1. Over drafting on accounts – Unauthorized overdrafts are extremely expensive and come with high-interest rates and fees.
  2. Making only minimum payments – If consumers have debt, it may be tempting to only pay the minimum on their credit card bill each month. However, this can result in individuals paying much more over the long-term. The interest rates that the credit card company charges will also keep growing.
  3. Overspending – More often than not, excessive spending comes from simple carelessness. Even relatively small expenses, such as going out to dinner or grabbing a latté every morning, can add up quickly.
  4. Living paycheck to paycheck – Overspending or living above your means can put consumers into a situation where they need every penny of each paycheck to survive. In this situation, one lost paycheck can be disastrous.
  5. Not setting a budget – Budgeting allows consumers to create a spending plan and ensures they have enough money to pay their bills and avoid debt.
  6. Waiting to save for retirement – It is never too early to start saving for retirement. The earlier consumers start, the better off they will be when it’s time to retire.
  7. Not setting financial goals – Setting financial goals creates discipline and provides direction for consumers’ savings.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  • For credit counseling and student loan counseling, call 800-769-3571
  • For bankruptcy counseling, call 866-826-6924
  • For housing counseling, call 866-826-7180
  • Or visit us online at

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. To help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft,  senior living, and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to or visit  



American Consumer Credit Counseling (ACCC) is a nonprofit agency providing free credit counseling and credit card debt counseling as well as low-cost financial counseling services for individuals and families carrying too much debt. Consumers can work with a certified and highly trained credit counselor or debt consultant to understand their financial situation, consider ways of consolidating credit card debt and make a plan to get out of debt for good. Our debt management services provide debt consolidation help and consolidated debt relief by consolidating payments rather than loans. We offer lots of information about credit counseling online, as well as information about the pros and cons of a debt settlement agreement. We also provide bankruptcy counseling and information about life after bankruptcy.

American Consumer Credit Counseling - Consolidate Debts - Better Business Bureau American Consumer Credit Counseling - Consolidate Debts - Mass Housing Approved National Industry Standards for Homeownership Education and Counseling American Consumer Credit Counseling - Consolidate Debts  - Council on Accreditation American Consumer Credit Counseling - Consolidate Debts  - NFCC Member