Released: October 19, 2008

Fixing common money mistakes

Source: Kathy Kristof, Los Angeles Times (Free Registration)

Everybody makes mistakes. But when it comes to money, even little errors can prove devastating.

Bruce McClary, communications director for Clearpoint Financial Solutions, recalls a senior on a tight budget who was getting along fine until a $250 car repair sent her into a tailspin. She borrowed money at double-digit rates that she couldn’t pay back, which was then compounded with late fees. Her mistake was simple: She had no emergency fund.

What are Americans’ most common financial mistakes and how can they be fixed?

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