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Wednesday, 17 July 2024

Credit card debt can make financial hardship worse, Pt. 1

Credit: 23ABC News | Bakersfield
Duration: 01:40s 0 shares 1 views

Credit card debt can make financial hardship worse, Pt. 1
Credit card debt can make financial hardship worse, Pt. 1

The current financial crisis due to COVID-19 has left many people unemployed feeling frustrated & helpless in a time of extreme vulnerability.

So 23ABC is dedicated to helping individuals and businesses "rebound." Many people have turned to 'credit cards' as part of their financial life vest as they try to stay afloat during the pandemic.

TO COVID-19 HAS LEFT MANYPEOPLE UNEMPLOYED..

FEELINGFRUSTRATED &HELPLESS IN A TIME OF EXTREMEVULNERABILITY.SO..

23ABC IS DEDICATED TOHELPING INDIVIDUALS ANDBUSINESSES "REBOUND".MANY PEOPLE HAVE TURNED TO'CREDIT CARDS' AS PART OF THEIRFINANCIAL LIFE VEST..

AS THEYTRY TO STAY AFLOAT DURINGTHE PANDEMIC.WHILE IT MIGHT SEEM LIKE AQUICK..

AND EASY OPTION TO MAKEENDS MEET..

EXPERTS SAY YOU'REACTUALLY MAKING IT MUCHWORSE.THE INTEREST RATES ON CREDITCARDS IS VERY HIGH AND OFCOURSE..

YOU HAVE TO PAY ITBACK.NOT TO MENTION..

THE 1,200DOLLAR STIMULUS CHECK MIGHT HAVEGIVENSOME PEOPLE THE IDEA -- THATTHEY CAN ADD THAT DEBT ANDQUICKLYREPAY IT ONCE THINGS START TORETURN TO NORMAL.HOWEVER..

NOW WE APPEAR TO BEHEADED FOR ANOTHERSLOWDOWN.EXPERTS SAY IF YOU'RE IN A BITOF A FINANCIAL HOLE..

DON'TSTART REPAYING THAT DEBT JUSTYET.SOT - ANDERSON - "HOLD OFFPAYINGDEBT, SAVE CASH..

MIN PAYMENTS,BUILD CASH RESERVES, WHEN PASS,SECURE,THEN TACKLING THAT DEBT..

THAT'SADVICE FOR THIS..

GENERALLY DEBTTHEN SAVINGSBUT NOT RIGHT NOW."AND..

DAVID ANDERSON WITHMONEYWISE GUYS REMINDS YOU AHIGH CREDIT SCORE DOESN'T MEANYOU'RE GOOD WITHMONEY..

IT SIMPLY TELLS A LENDERHOW RISKY YOU ARE AS ABORROWER.YOU CAN REACH THE MONEYWISE GUYSAT 847-1000.COMING UP IN A FEW MINUTES..WE'LL TALK LIVE WITH A NATIONALCREDIT EXPERT ABOUT THE 2NDFINANCIAL WAVE OF THECORONAVIRUS..

AND THE IMPACT ITCOULD HAVE ON SMALLBUSINESSES..ANYONE WORKING FOR AMAZON COULDSOON GETTING AS

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