1 in 5 Americans are planning a risky financial move. Do this instead

1 in 5 Americans are planning a risky financial move.  Do this instead

1 in 5 Americans are planning a risky financial move. Do this instead

As the pandemic continues, desperation sets in for a significant portion of the population whose budgets are approaching breaking point.

According to a recent study by financial planning firm Facet Wealth, about 1 in 5 Americans are considering a risky decision in the coming months.

This includes 18% who plan to take on more credit card debt, 18% who might dip into their retirement savings, and 17% who might resort to borrowing money from family or friends.

While such strategies can provide a quick injection of liquidity, they can also seriously damage your wealth in the long run. Here are five things you can do instead to find relief.

Rethink your budget

Branislav Nenin / Shutterstock

Asking for money from loved ones can make family reunions extremely awkward, even with Zoom. A strained relationship can also come at a financial cost, as your friends and family will be less inclined to babysit or help you.

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