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Financial paralysis

Kim McGrigg, spokeswoman for Money Management International, a credit counseling firm in Sugar Land, Texas, says the sheer volume of financial information available today can make decision-making seem overwhelming. According to the book, "Paradox of Choice" by Barry Schwartz, Americans are often so overwhelmed by choices that many become paralyzed when making decisions and conclude the best decision is to not make one at all.

"The irony is that not making a decision can have consequences, too. Ideally, you want your money to work for you, and it can't do that if you don't tell it what to do," McGrigg says.

"Consumers shouldn't allow the volume of complex financial news that they are bombarded with on a daily basis to overwhelm them. They should stay focused on what is most important to them," McGrigg says.

While we have more choices, and the choices are more complex, the basic rules still apply. "Paying your bills on time and investing for your financial future are always smart financial decisions," she says.


 

 

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