The report included views from a group of experts who answered a number of key questions, such as giving consumers advice on how to improve their financial security, as well as suggestions on what to do next. States could do to reduce crime in their communities and provide a strategy for managing personal finances during the pandemic.
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Professor Roman Weil of the University of Chicago urged consumers to pay off all credit card debt. “That’s it. No step will give you more financial security than getting rid of your credit card debt – by paying off your credit cards in full each month, with no balance.
âIf you can get to the point where you’re out of credit card debt and can pay off your credit card fees in full each month, then stop using debit cards. Using credit cards and paying off balances each month increases your credit score. Using a debit card does nothing for your credit score, âhe added.
On the same issue, Kareem Tannous, assistant professor at the University of Cabrini, suggested spreading the risk and investing wisely. He said: “An investor should consider diversifying risk across different financial assets, such as real estate, stocks, bonds and commodities.”