Before the coronavirus pandemic, financial advisors typically recommended people prioritize debt payoff first and foremost. But now that over 36 million Americans are unemployed, the focus has shifted to savings.
It is very important to have an emergency savings account. And while experts advise you stash anywhere from three to six months’ worth of expenses in ahigh-yield savings account, having at least a $1,000 saved is a good place to start. But it’s hard to know what goals to prioritize if you’ve got a lot of credit card debt and not much savings.
As long as you make your minimum payments on time, your credit score will stay in OK shape, and saving will help you be prepared for financial surprises ahead, such as getting laid of…
Read the full article at: https://www.cnbc.com/select/what-is-debt-consolidation-heres-how-it-can-save-you-money/