It’s never ideal to build up debt, but it may be necessary these days.
The coronavirus outbreak has disrupted the economy. Businesses have shuttered and workers have been laid off or furloughed from their jobs. On April 2, the Labor Department reported 6.6 million people filed for unemployment the week prior — bringing the total to 10 million in just two weeks.
If you are in a tough spot and find yourself accumulating debt, don’t beat yourself up right now, said Ted Rossman, industry analyst at CreditCards.com
“It may be OK to carry debt for a while if you have limited other options,” he said.
You can also take comfort in the fact that you aren’t alone.
A recent CreditCards.com survey found that 59% of credit card holders entered the coronavirus pandemic with credit card debt. Most of them had been carrying the debt for a least a year.
That said, you should try to manage your bills the best you can so that you can recover once the pandemic has passed.
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