DISASTER KIT: Best Ways to Raise Cash
Kiplinger's Personal Finance|June 2020
If your emergency fund is tapped out, you can probably borrow from yourself. Here are the top contenders
SANDRA BLOCK
DISASTER KIT: Best Ways to Raise Cash

THE $2 TRILLION CORONAVIRUS stimulus package is providing a $1,200 check for millions of Americans. Parents are getting an additional $500 for each child age 16 or younger. The stimulus package also significantly expands unemployment benefits to include part-time workers, the self-employed, and people who ordinarily wouldn’t qualify.

Although both of those initiatives are supplying much-needed cash for many families, the funds may fall short if you’re out of work or furloughed for a prolonged period of time or have big health care expenses. If you’re cash-strapped, you may be tempted to run up credit card debt—but before you do, explore these sources of emergency cash. They could tide you over until the crisis has passed.

A home equity line of credit. If the value of your home has been heading steadily higher, you may be able to take out a home equity line of credit to tap your equity. With a HELOC, you can borrow up to your limit whenever you need the money. Interest rates are low— averaging about 5%—and you can make interest-only payments until the initial withdrawal period ends, typically after 10 years.

When you apply for a HELOC, lenders will look at your credit score, the amount of equity you have in your home, and your income. For that reason, if you’re still working, it’s a good idea to apply for a HELOC even if you’re not sure you’ll need it. Once you’re unemployed, it’s difficult to qualify for a loan, says Danielle Harrison, a certified financial planner in Columbia, Mo.

هذه القصة مأخوذة من طبعة June 2020 من Kiplinger's Personal Finance.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة June 2020 من Kiplinger's Personal Finance.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

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