RICHMOND, Va. (WWBT) - Experts usually tell you to steer clear of credit card debt, but during this health and financial crisism, typical advise goes out the window.
Credit cards are not a permanent solution-- but they can keep you afloat right now. Especially if you are faced a reduction in hours, a loss of tips or a temporary layoff.
Our partners at the financial website NerdWallet put this list together.
First Preserve cash-- you probably have a few bills that can't be paid with a credit card-- like rent or mortgage payments. Using a credit card for other purchases allows you to float those costs so you can make your cash last longer.
Second: You can buy some time, sometimes at 0%. Meaning, if you have good credit, consider getting a credit card with an introductory 0% APR offer on purchases; many of these have interest-free periods of a year or longer.
And third: if you already have credit card debt, this may be the time to reduce its cost. Consider a balance transfer and moving debt to a card with 0% APR on balance transfers.
Again-- this buys you time and stops you from accumulating too much debt too fast because of interest.
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