Hello, Tiller Money Community –
The economic fallout from the coronavirus crisis continues to unfold across America. The Census Bureau reports half of all Americans have lost income because of coronavirus. Needless to say, this crisis has wiped out savings and piled debt on millions of people.
However, as businesses slowly begin to reopen, some people are beginning to ask if they should prioritize paying down debt or building (or rebuilding) their emergency funds and other savings accounts.
On our blog, we’ve shared expert advice on this topic, which should be especially helpful for people financially impacted by the crisis.
But even in normal times, there’s a big debate about what’s better: paying down debt or building savings as quickly as possible:
- By paying down debt, you free up credit lines and pay less interest fees.
- By rebuilding savings, you have cash prepared for the next crisis.
What do you think? Should people focus on paying down debt, or rebuilding savings when they get back to work? What are you doing right now? Share your opinion below!