"Obviously it is challenging the longer we go in the pandemic, the harder it is to kind of make ends meet, and to, kind of, as they say, make a dollar out of 15 cents." Said Dr. Henry McKoy, a former banker, economist, and current professor at the School of Business at North Carolina Central University. "I think there are a few things folks can look at depending on their situation."
Dr. McKoy suggests:
Refinancing your home. Rates are low right now. Dr. McKoy says that you may be able to roll over some high-interest credit card debt into that. Refinancing could reduce your monthly mortgage payment.
Save where you can. Dr.McKoy says save if you can - even if that's $10 or $20 per month.
DIY Projects. Look around your home. If there are projects you were going to hire a professional for, considering opting to DIY.
Drink Water.
Dr. McKoy also says that now is the time to protect your credit. If you have credit cards, look for 0% introductory rates that you could consider transferring over to.