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Financial Tips to Consider During COVID-19 Crisis

Follow these four tips to stay afloat during the coronavirus pandemic

1. Stay on the job hunt & get a side hustle

Although many employers may have shut down and laid off workers, there are still many essential businesses operating. These essential businesses have a high demand during these times. Remote call centers may be experiencing a high demand as well. Your usual in person interviews may just change to virtual interviews. Employed but find yourself with less hours? Find some freelancing opportunities to make ends meet. Your skills may be needed in other avenues even if it's just for a few hours a week.

2. Save as much money as you can

Take the time to list out all your monthly bills and make a separate list of nonessential monthly spending. This will help you establish your monthly spending habits, and help you plan for better savings in case your income is impacted.

3. Pay down debt when possible

Make bigger payments when you can, but always aim to at least make the minimum payment. If you find yourself laid off making your usual minimum monthly payments may not be possible. This could result with rising debt from interest charges and late charges accumulating. This is an area where investing the pending stimulus check may make the most difference.

4. Keep a close eye on your credit score

Your credit score can be a great tool to leverage during these uncertain times so be sure it's in good shape. Monitoring your credit is highly recommended. If you have good credit you might find yourself being able to take advantage of lower rates which can result in savings for you. Don't have good credit? Aim to work on improving your credit as quickly as possible.  

Unsure how COVID-19 financial changes will impact your credit? Call now.

Contact us today for a free credit consultation. We can assess your current credit situation and provide information on how to best manage your credit and financial health during this crisis. We understand there are uncertainties during these times and are here to help. We are proud to be a solution for all your credit repair needs and know we will move through this challenging situation together.

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MSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. For any questions or to schedule a free credit consultation, contact us at (866) 217-9841.

*The information in this article has been provided strictly for educational purposes.

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