As the feeling of uncertainty takes hold around the world, interest rates are dropping. If you have a good credit score, then you can likely take advantage of extremely low rates for all kinds of borrowing.
If you have outstanding debt such as a mortgage or student loans, now may be the time to refinance. You could potentially save thousands over the course of your loan. Although refinancing can involve quite a bit of paperwork and some costs, it is something you can do from the comfort of your home and help you prepare for the months ahead.
If your credit score is less than perfect, I would strongly recommend you meet with the Financial Counselor to take the first step at improving your credit situation.
One potential silver lining of the crisis is that you could be saving a surprising amount! Eating at home and changing your habits, can help afford you the opportunity to build your savings fund. If you haven’t spent your stimulus check, this is the time to save it and help bring a sense of control to the uncertainty you are facing.
Also, it’s a great time to join our program Brooklyn Saves through which we are trying to get 1,000 Brooklynites to have at least $400 in savings. Take a look at our program: https://partner.saverlife.org/brooklynsaves/ You will receive a bonus of $60 if you save $20 a month for six months and there are lots of daily cash prizes.
Michael Hall is a financial counselor with Bedford Stuyvesant Restoration Corporation. As a financial counselor he helps individuals allocate their funds better, deal with debt, weigh in on legal options, and even save for a rainy day. To make an appointment with Financial Counselor, Michael Hall call 311 or visit the website: https://www1.nyc.gov/site/dca/consumers/get-free-financial-counseling.page