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Financial options to explore during this uncertain time

The Coronavirus pandemic has turned many American’s lives upside down. While many workers have had normal hours cut way back, some have also been left without work all together. However, it is important to remember that there are steps that can be taken to ensure financial stability throughout this time and after.

With almost 80% of workers living paycheck to paycheck, the current state of the pandemic could leave many American’s without basic needs. If you or someone you know is struggling financially right now, here are a few tips that could help offset some costs.

  1. If you are at all concerned with being able to pay any of your bills, reach out now to find out about the options you have available to you. It is important to remember that in some instances, interest-only payments may work best during this time for your student loans and credit card debts. Be sure to reach out to any company you feel you may have trouble keeping up with payment with, most companies have developed programs in order to assist customers during this time.
  2. Revisit your budget and adjust accordingly. In such uncertain times, there are always areas to cut back in. Write your budget down and prioritize your payments into things that you need like utilities and things that could maybe be put off for a couple of months like subscriptions or frivolous shopping.
  3. Some may be able to consider a personal or business loan in a time like this. These can range in value and term length depending on the loan. Interest rates are generally dependent on your credit score and will also vary accordingly. Contact your bank or credit union to find out more about this option.
  4. If you chose to use a credit card during this time, make sure you are using the card with the lowest interest rate.
  5. Remember that there are community and government assistance programs available, especially during this time. Continue to check government websites for more information on assistance as it becomes available.

These are only a few options you have available to you. In times like these it’s important to lean on the people around you, friends and family are the best resource for someone to look to when it comes to support in uncertain times.

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