By now, many who’ve been laid off, furloughed, had our hours cut, or worse, are really running tight on cash, even as the pandemic rages on. While both federal and state governments have promised quick access to unemployment funds, stimulus checks, and other forms of help, these things take time. Time that you may no longer have. So, what are your options?
If you’re fortunate enough to have credit available, you may want to consider using your credit cards to get you through the immediate cash crunch. However, you’ll definitely want to sit down and consider all of your options first. If you’re already in too deep with credit cards, racking up more debt might not be the best thing to do, especially if you don’t have a plan to repay the debt once you get back on your feet financially.
But, if you do expect your cash flow shortage to be temporary, and you do have a plan to pay off the debt you incur, then you may be able to utilize your credit cards to get through it. By using your credit cards to pay when you can, you can save cash to pay for things like your mortgage, car payment, certain utilities, etc. This one move can give you the time you need to get through a cash crunch, whether that means going back to work, getting your stimulus check, or starting up unemployment.