Whether you lost your job because it wasn’t ‘essential,’ or you are otherwise struggling to make ends meet, there is hope. Though the government helped with the stimulus going directly into Americans’ bank accounts, that one-time payment didn’t do much for most people. Still, some options can help when you know what to do.
1.How Can You Get Cash Now?
When your checking account is lacking funds, you need to get cash now. There are multiple ways to do that, such as taking out personal loans and using your house to help you. However, most people don’t think about low-interest credit cards.
These cards don’t charge you a high APR, which means paying them off faster. You use the card like you do money or debit, and you pay the bill off when it comes due at the end of the month. If you can’t pay the entire amount off, it’s possible to make payments, but some of the money goes toward the principal while the rest goes toward interest. Since these have low interest rates, more of the bill gets paid off on time.
Often, though, people with bad credit can’t get these cards. If you’re struggling right now to pay off credit card debt, consider debt consolidation. Many companies do this, and it allows you to take all of your debts and put it into a lump sum. Then, you pay a single bill each month. Though the amount can be high, it’s usually comparable to what each card’s minimum payment is. You may also have lower interest rates from consolidating the debts into one.
Another option for you is to consider balance transfer credit cards. You take out a credit card with a zero percent interest rate. Then, you transfer your current debt to that card. While you still have to pay them off, you don’t have high interest rates in the bargain. Then, consider using the high-rate cards for everyday expenses, pay them off at the end of the month, or transfer those balances to the no-interest-rate card, too.