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Reply to "When should you keep your savings & when should you use it? Let's discuss."

If it were me, I'd be looking at a few things:

One - is there a way to raise some cash to help the situation? (I've sold old college text books for $65 cash as they were still in use; I've made money as a subject for college research) Penny Hoarder has a lot of ideas on the topic.

Two - I'd speak with the credit union/bank and not guess their reaction. I would explain the situation and point out that Covid is still causing financial hardships and is there anything they are willing to work with you on? Maybe you work to pay down the amount owed instead of just wiping it out in one transaction and leaving you with nothing.

Three - I would see about saving on groceries for a few weeks to get extra cash (Going really basic - eggs, toast, oatmeal).

Four - Every state has local resources (food banks, utility help, etc.). I would seek out help just to get through this hardship before things turn worse. Churches might be able to help too.

I'm sure there are other ideas too. Sometimes, it just takes flexibility and creativity.

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