How to Hoard Cash during a Financial Emergency

Are we through with the after effects of recession? Supposedly not as yet, for there are millions of US citizens like us still drowning in deep debts and are urgently looking for debt care solutions. With the entire nation being victimized by the debt traps, the online debt consolidation programs have been in full fledged action to pull out the financially distressed lots. An economic meltdown also leads to a situation, when all of us are in dire need of cash; true that we have somehow created an emergency fund, but what if we are in genuine need of quick access to our funds and how safe is the place where the money is currently in. In order to tackle these suddenly erupted financial emergencies there are a few good solutions and in this edition let us have a brief review of these:

•Checking and Savings Account: A savings account is a relatively better option than a checking account. It is perceived as the quickest option to have an access to our money. It is not so safe after all and it is largely advisable for the debt ridden consumers of America to have a clear distinction between a day to day expending account and a savings account.

•Money Market Accounts: This is a good option for receiving quick cash as it is guaranteed my FDIC but the minimum amount of deposit is around $1000 but we are likely to get higher rates of interest.

•Certificates of Deposit: These loans can be secured through a bank against collateral in exchange of a fixed rate of interest on the principal loan amount, but these deposits will simply punish us for taking out the amount before maturity.
There are many resources for getting faster access to money, particularly when we need it the most, but we must assess the options carefully before arriving on a decision.

 

 

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