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Rebound: Making your money stretch

Posted at 7:35 PM, May 02, 2020
and last updated 2020-05-02 20:35:00-04

A lot of us need to stretch our dollars a little further right now, so we're finding out - should you keep making debt payments during the pandemic?

Financial advisors say you should make sure that you cover the minimum payments, but since the timeline for normal is up in the air, don't try to speed up the process and pay it off too quickly.

It's best to play it safe.

"Understand what the specifics are. If you continue making payments, does it go to the principal, and then are you able to make a bigger dent in that debt?" explained personal finance author Stefanie O'Connell Rodriguez. "And then you can make a decision on whether that's worthwhile for you right now because maybe you still have income security."

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