You’ve heard the predictions about a 2020 Recession. But what can you do about it?
Experts agree that a financial downturn is not a matter of if but when.
Luckily, there are a few things you can do to protect yourself from an inevitable downturn. And the first place to start is tackling those inescapable monthly bills.
With that in mind, here are 4 things experts say you can do today — And each one only takes a few minutes.
1. Bye Bye Credit Card Debt
Do you still have some credit card debt? It’s ok – most of us do.
What’s not ok is your credit card getting rich by ripping you off with insane rates,
Fortunately, there is a company called Fiona that could help you pay them off tomorrow (if the balance is under $100,000).
Here’s how it works. Fiona will match you with a low-interest loan you can use to pay off every credit card balance you have. And in the end, you’re left with just one bill to pay every month, with a much lower interest rate. That way you can pay off your debt much faster – and with an added benefit of no credit card payment this month.
This is exactly what Christine did. She had $15,000 in credit card debt, at her old rate of 17.25%. After she refinanced at 5%, with a seven-year personal loan, she saved $14,000 in interest.
That extra cash can come in handy when jobs dry up in a recession.
Also handy — it’s free to check rates online. No standing in line or listening to hold music from a bank. As Stacey A. from Atlanta told us “it only took 2 minutes to cut my rate in half.”
Not half bad, eh.
2. Life Insurance: Affordable and Easy Protection
Many of us have wondered about how our families would manage without our income after we’re gone. And this may have led you to look into life insurance.
But did you put it off because of the time and money involved?
In fact, this is precisely what Beverly from Fresno, CA told us she did:
“I always thought of Life insurance as a scary, messy, thing to figure out. I put it off for a few years, until I realized my work life insurance was not enough to take care of my family.”
But what if you could fill out an application in under 5 minutes without getting poked by a doctor or dealing with pesky sales calls?
That’s precisely what Bestow allows you to do. Their policies let you leave up to $1 million for your kids, with some rates starting at $5/month.
Even better, you can apply from the comfort of your home or on the go . And you can change or cancel your plan at any time. All while knowing that you are doing everything humanly possible to protect your family.
So, if you’re under the age of 54, you can get a free quote from Bestow.
3. Car Insurance: Cut Your Bill By $825 (With The Same Coverage)
When’s the last time you compared your car insurance costs to what others are paying?
Chances are you’re overpaying and can find cheaper options with the same coverage and deductibles.
So, why don’t most of us shop for our coverage more often? For many of us, like Eugine from Albuquerque, we are skeptical of car insurance companies.
But the proof is in the pudding. Eugine, who recently switched to Gabi said “I thought it was too good to be true but I saved over $100 a month on my auto insurance thanks to Gabi. I wish I knew about them earlier.”
We talked to someone else who put us on to Gabi, Nikki Y. from Pittsburgh, who said “Gabi gave me a pretyped emailed cancelation request to send to my existing insurance provider! I sent it over Docusign and now I’m saving about $80/month.”
We also like that they find you the best rate for free with the same coverage and deductible. And they make it easy by simply linking your insurance account and entering your drivers license.
And as a bonus, they continue to look for savings so you won’t need to shop to find better rates in the future.
4. Make Sure Your Credit Is Bullet Proof
Did you know there is one single number that can cost you tens of thousands if not managed correctly?
It’s your credit score.
It can also cost you a job as potential employers check your credit score through the interview process.
Your credit score becomes even more important during a recession as banks tighten your ability to borrow money. Making it harder for you to refinance your house, apply for loans, and take on debt during a recession. And at a time when you might need some wiggle room to get through a tough economy.
This is why Credit Sesame was mentioned by experts as a go-to app to ensure there are no errors on your credit report.
Errors on your credit report can cost you, and your family, an opportunity. Over 1 in 5 Americans have an error on their report. When fixed, it can save thousands of dollars and open doors to dream jobs.
It is a free app you can download at no cost, and as Bonnie I. puts it, “Credit Sesame has truly given me the very important information I need to build up my credit score.”
After using Credit Sesame for the past year, we found we liked it because it detects errors for free while helping you dispute any error that pops up.
It’s also nice that it only takes about 90 seconds to sign up.