Debt piling up during the coronavirus outbreak? Here’s how to manage it

It’s never ideal to build up debt, but it may be necessary these days.

The coronavirus outbreak has disrupted the economy. Businesses have shuttered and workers have been laid off or furloughed from their jobs. On April 2, the Labor Department reported 6.6 million people filed for unemployment the week prior — bringing the total to 10 million in just two weeks.

If you are in a tough spot and find yourself accumulating debt, don’t beat yourself up right now, said Ted Rossman, industry analyst at CreditCards.com

“It may be OK to carry debt for a while if you have limited other options,” he said.

You can also take comfort in the fact that you aren’t alone.

recent CreditCards.com survey found that 59% of credit card holders entered the coronavirus pandemic with credit card debt. Most of them had been carrying the debt for a least a year.

That said, you should try to manage your bills the best you can so that you can recover once the pandemic has passed.

 

Continue Reading on CNBC

 

Articles linked to on this page are from third party sources. Opinions expressed by the authors may not be representative of CWM, LLC or its affiliates.

8 Legitimate Tax Loopholes You May Be Missing

3 Methods to Not Run Out of Money

What's the #1 fear in retirement? Running out of money. Get our step-by-step guide to help ensure your assets last a lifetime.

Download Now

Get in Touch

In just minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Contact Us