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OKLAHOMA CITY — The federal government’s shutdown could make life more difficult for Oklahomans living paycheck to paycheck, experts say.
This impasse could eventually cause interest rates to go up on credit cards, auto loans, even mortgages. That means monthly payments would go up.
To avoid higher interest rates, experts say switch any “variable” rate loan you have to a fixed rate loan.
Also, ask your lenders to let you skip a payment or two – extend the loan.
You could even take out a short-term loan to pay the bills.
Victoria Woods, CEO of ChappelWood Financial Services, recommends building an emergency cash fund in your bank in case you lose your job.
She points out several companies have announced plans to reduce their staff to avoid Obamacare penalties.
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