ICYMI: Understanding debt and debt financing during the pandemic
The issue of debt is polarizing in both business and personal finance. On one hand, borrowing can help fuel good decisions — taking out a mortgage to buy a house or condominium we can afford, paying for tuition in a promising field, or buying some equipment to expand business opportunities. Good debt.
The COVID-19 quarantine has presented us with an unusual situation. We may have created a solid financial plan that included contingencies for emergencies both at home and for business, but few of us could have been expected to plan for a quarantine lockdown lasting several months. Despite the benefit of some government assistance programs, many of us have necessarily turned to credit cards, lines of credit and loans to keep us afloat.
Taking on short-term debt to overcome an illness, get you through a quarantine, or help pay an unusual number of bills that just happened to arrive at the same time is probably a good thing. Your future income and revenue will be able to reverse that debt once the problem passes.
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