Philadelphia, PA -- (SBWIRE) -- 01/19/2021 -- Most Americans have now or will shortly receive their second round of stimulus checks due to the ongoing economic crisis caused by the pandemic. The precedent for stimulus payments was set in the early spring of 2020 when the CARES Act was passed, which sent $1200.00 checks to individuals. The second round of stimulus legislation precipitated additional $600.00 checks sent to eligible Americans. With continued lockdowns and economic uncertainty for many, Quality Credit Repair, a leading credit counseling service in Philadelphia, realizes the importance of using the stimulus payment the best way possible to ensure financial security.
First, the immediate needs of an individual must be met. Stimulus money should be used towards monthly bills, mortgage payments, or basic necessities. If someone falls behind trying to maintain a monthly budget, any money received should be put immediately towards it.
If current bills can be managed, the next best thing to use the stimulus payment towards is any outstanding debts. By reducing the amount an individual owes towards a debt of any kind, the better the individual's economic outlook. The less interest one has to pay will mean greater liquidity in the future.
Now, more than ever, it is essential to start an emergency fund. If a fund has already been started, put some of the stimulus money into it. If a fund doesn't exist, it would be wise to begin a savings plan in case of an emergency.
As a credit repair company, Quality Credit Repair wants consumers to know how important it is to set some of the stimulus money aside for bills or unexpected expenses during these turbulent economic times. To learn more about the company and what they do, please visit http://www.qualitycreditrepair.com/.
About Quality Credit Repair
Quality Credit Repair works to help clients better their credit scores and ensure they receive the most accurate credit reports. Their dedicated and highly trained consultants have over 20 years of experience resolving credit-related issues. They will review a client's credit report and highlight areas that are harming the scores. The consultant will also layout changes the individual can make to better their credit. The company helps build credit by recommending the opening of secured accounts with certain, trusted lenders. Their services are available to clients anywhere in the country.
For more information, please visit http://www.qualitycreditrepair.com/.