Tips on how to pay off bills while being unemployed

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Christeven Estrada

• May 20, 2020 18:55
• Edited

Dr. Anthony Criniti IV, author of several acclaimed financing books, recommends these steps towards paying off debt.

1. If you’re dealing with interest that makes your payments difficult to handle, you may want to think about refinancing your debt. During this time, interest rates and mortgage rates are low, which may help you chip away at your payments. Be sure to research lenders on giving you the best rate for helping lower your monthly expenses. Keep in mind that you’ll have to pay closing costs in order to close on a new loan.
   
   
2. Take out a home equity line of credit (“HELOC”) if you own a home, as it may have a more affordable interest rate rather than using a credit card. However committing to this means being prepared to make payments regularly as you may put your home at risk by defaulting.
    
3. Take advantage of funds you have readily available. Consider any extra cash you may have stored, tapping  into your emergency funds, or selling excess goods that may be laying around. This way you wont be accumulating more debt.
   
   
4. Consider opening up a balance transfer credit card to temporarily handle your debt. These cards normally have an introductory period of 0% interest. Any amount paid during that period goes directly to your principal balance. However, know that once the introductory period is over, you will likely be subject to a high interest rate.

Find out more here.

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  Brandi Marie

  • October 02, 2021 02:23

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  Kris Schmïtż

  • October 02, 2021 05:55

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