If you are struggling to pay off student loans, your mortgage or credit card debt, call your lenders and discuss your payment options. “Financial accommodations are generally readily available right now,” said Amy Thomann, the head of consumer credit education at TransUnion, a credit reporting agency. “This is the rainy day.”In an ideal world, you should put away three months worth of expenses, she added. You would have to pay income taxes on the amount, but the payments can be spread out over the next three years. You could also pay back the distribution anytime during that period and claim a tax refund on the taxes you’ve already paid.

Source: New York Times August 29, 2020 13:30 UTC