TRANSCRIPT:

Hi and welcome back. My name is Greg Vojtanek of Fade In Financial. Welcome to part four of this series called What To Do During A Recession or a Market Pullback. Today I’m going to talk a little bit about debt.

Number one, do you have mortgage or other debts? Is so, consider if you should refinance any of these debts while the interest rates are low. For example, during the pandemic, when the government basically reduced interest rates to nearly zero, most people refinanced their mortgage to take advantage of those low rates, and other loans that might have. So if that’s currently happening, that’s something you might want to consider.

Number two, are you taking a distribution from an investment or retirement account? If you are, consider the impact of changing your distribution schedule to protect some of your accounts and your debt payments. This can also go along with budgeting and cash flow. Perhaps you want to defer the remaining distributions to the end of the year, or maybe spread the distributions out for the rest of the year. This can help you pay off some of your debts and keep you from accruing any penalties or fees.

And lastly, are you a small business owner? Perhaps you have your own Loan-out company. If so, you may be eligible for a small business loan, or other forms of Federal, State, or community relief. So, check in with your state, with the Federal government, and even your local municipality or community. See if you’re eligible for some kind of relief.

That does it for this video. Join me for the last video on this series called What To Do During A Recession or a Market Pullback. I hope you found this helpful. As always, do what is right for you because everyone’s situation is different. I’ll see you at the next one.