Question

explains the first step in dealing with a personal credit crisis is to free up cash. Meaning, create cash flow. How do you accomplish this in 2020 with issues like COVID?

Answer 1

In this year 2020 with the impact of COVID we need to follow these points:

1. Start cutting unncessary cost and expenses so you will have less problem in paying your monthly bills.

2. Try to get rid of the credit card bills,if any as the interest burden is very much and likely to make a hole in your pocket.

3. Apart from your primary business or job try to earn some extra cash in crisis by doing secondary work like- freelancing, content writing , blogging.

4. Organize your expenses and make a budget to manage funds.

5. Maximise your liquid savings and avoid investment for long term or in stock market, only if yo had some extra cash as emergency fund.