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How To Deal With Debt In Uneven Collection | Technology

If you’re one of the millions of Americans unable to cover your housing costs right now, take advantage of the eviction moratorium and mortgage relief programs now extended through June 30. Keep an eye out for the additional benefits of the COVID-19 aid program under discussion. in Washington and call 211 to be connected to local assistance for basic needs like food and shelter.

Also, add transportation, internet and cell phone to your priority list, so you can stay in touch with friends and family for help and looking for work.

“All creditors will look like they are the most important to pay,” said Amanda Christensen, financial coach based in Morgan, Utah. “Accommodation and transportation must be at the top of this list and be given priority.”

If necessary, look for cheap credit

If you have to go into debt to cover regular expenses, like groceries and utilities, financial coach Vineet Prasad of Fulton, Calif., Suggests finding the cheapest options. “A revolving line of credit on your home equity has a much lower APR than a credit card. Another option is a personal loan from a credit union.

To qualify for a HELOC, you will generally need an equity of at least 15% of the value of your home. And weigh the risks: HELOCs tend to have adjustable interest rates, which can make them more expensive over time, and your home is at risk of foreclosure if you can’t pay off the debt.