If you've been financially hit by the coronavirus pandemic, financial advisors share how you can recover some cash to pay your bills.
Banks may also give signature loans to long-standing customers, Fitzgerald said. Some customers with good credit may also be able to secure a bank loan with collateral like a car or other asset, he said.
Refinancing higher-interest-rate debt — and subsequently lowering your expenses — is also a way to free up cash, said Nicholas Hofer, CFP, president of Boston Family Advisors in Boston.People with cash-value life insurance can get a tax-free loan by borrowing against the cash value in their policy. This could be risky, though — loans that get too big may eventually cause a policy to "lapse," causing you to lose your insurance and potentially have a large income-tax liability.
This strategy has many potential downsides — namely, selling investments that are reduced in value, forgoing tax-free investment growth, incurring tax penalties and raiding an account earmarked for retirement. IRA and 401 investors would pay a 10% tax penalty for making a withdrawal if they're not at least 59½ years old. Roth IRA investors can withdraw their account contributions penalty- and income-tax free.
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