5 Ways to Slash Your Debt During the Pandemic

Sourced from https://www.thesimpledollar.com/credit/debt-relief/how-to-slash-debt-during-covid/

The COVID-19 pandemic has officially ushered in an economic recession. When facing uncertainty about how the economy will recover, it’s essential to get your finances in order. Does the word “debt” immediately come to mind? We understand. It’s probably your most stressful financial obligation. High-interest debt, in particular, can keep you buried in bills that outlive the original purchase.

Surprisingly, according to the Experian Consumer Sentiment Index, average consumer credit card debt has actually decreased since January — plummeting card balances by 14%. And since nationwide lockdowns have downplayed spending, we think it’s time you take advantage of the coincidental saving and leeway from creditors, if you can. Dedicate your energy to paying off debt so you can free up more money for an emergency fund.

1. Contact your creditors and consider refinancing

Take a look at your various sources of debt, note your interest rates and reach out to lenders. In … Read More

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