It’s Financial Literacy Month, so we are looking to see where New
Yorkers stack up when it comes to money.
News 12's Kristie Reeter has The Real Deal on the numbers and gets a big
lesson on finances.
Caleb Silver, from
Investopedia, says credit card balances have been rising over the past year.
“Credit card APRs have also
been rising as the federal reserve has raised interest rates, which is driving
up the average balances across the tri-state area. In the United States that
average balance is just under $3,500, but in New Jersey it is over $4,030 and
in New York over $4,000 as well,” says Silver.
What is the best way to pay credit cards down?
Founder and executive director of Brooklyn Bank, Jude Bernard, says when
it comes to debt, pay the highest interest debt first.
"Typically what people
like to do is, they like to pay one off all the way, whether it’s the highest
one, because it feels good because they see it coming down, but that is not the
best strategy."
Next is retirement savings.
"For IRA the average
balance is around $104,000 down about 20+% from last year, for 401(k)’s $103,900, again down a little bit more
than 20% from last year and for all you teachers out there with 403Bs that
average balance is a little over $92,680, again taking a hit last year, but
just know where you stand compared to the other figures," says Silver.
Bernard says your savings should always go first.
"It is very important that you are consciously saving and not just saving,
but investing you know, putting money into a bank account is good but it is not
as good as putting it into the market via a tool,” says Bernard.