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BUSINESS Friday 5 June 2020
Make room on credit cards to

add options in an emergency

good place financially so
you don't have this burden
if you lose your job or your
income is reduced later on.
Don't close credit cards as
you pay them off, though.
You may need access to
that credit if your situation
changes.
This Aug. 23, 2018, file photo shows a window display at a Gap Consider these tactics:
Kids clothing store in Winter Park, Fla.
Associated Press — Ask your creditors for low-
er interest rates: You may
Mall owner sues Gap not qualify for any hardship
programs being offered by
for rent on coronavirus- your credit card company,
but you might be able to
shuttered stores In this July 18, 2012, file photo, credit card logos are seen on a get your interest rate cut.q
downtown storefront as a pedestrian passes in Atlanta.
Associated Press
By JOSEPH PISANI lic. By SEAN PYLES of NerdWal- fund is almost always a
NEW YORK (AP) — Gap is Gap and other major re- let wise decision.
being sued for refusing to tailers, including sneaker Maybe you've been work- Savings are a source of
pay rent for stores tem- seller Foot Locker, have ing through credit card stability in uncertain times.
porarily closed during the said they wouldn't pay debt for a while now. Or Work to have at least a
coronavirus pandemic. rent for stores that were maybe you racked it up month or two of expenses
Mall owner Simon Prop- forced to close due to the recently as you prepared in the bank.
erty Group said in a law- pandemic. In April, Gap for the coronavirus lock- "Now is actually a good
suit filed this week that warned that it may be down. Regardless of how time to pay off your debt,"
the clothing retailer owes sued by its landlords and and when you got into says Kate Welker, a cer-
three months of rent, total- that a dispute could be debt, ridding yourself of tified financial planner
ing $65.9 million. Gap Inc. costly and have "an un- this financial burden can in Rochester, New York.
has more than 390 stores certain outcome." free up cash and relieve at "But my advice is build
at Indianapolis-based Si- San Francisco-based Gap least one stressor in an ex- the emergency fund first,
mon's malls, including its did not respond to a re- ceptionally anxious time. because it can get you
namesake brand, Old quest for comment Thurs- If you're in a good financial through a tough time and
Navy and Banana Repub- day. q position right now, mean- help you avoid building up

U.S. trade ing you have savings in new debt in the future."
the bank and a steady HOW TO PAY OFF CREDIT
gap rises to $49.4 income, it's a good time CARD DEBT
to knock out some credit Though it feels like the world
card debt. Here's how to has changed from top to
billion in April think about debt payoff bottom, tactics to pay off
now and what tactics you debt have largely stayed
should consider. the same, says Billy Hens-
WASHINGTON (AP) — were lowest since July GET YOUR BUDGET AND ley, CEO of the National
The U.S. trade deficit hit 2010. Total trade — exports SAVINGS IN ORDER Endowment for Financial
the highest level in eight plus imports — dropped The economic and person- Education, a nonprofit pro-
months in April. Exports 16.7% in April from March al upheaval of the corona- moting informed financial
and imports both posted and 24.8% from April 2019. virus pandemic has made decision-making.
record monthly drops as In much of the world, the sorting out your budget "The traditional sort of bor-
the coronavirus pandem- pandemic and the lock- and savings top financial ing vanilla strategies still
ic smothered America's downs meant to contain priorities, even before debt seem to work well," Hens-
commerce with other it have brought economic payoff. ley says. "Look at where
countries. activity to a near-standstill. — Update your budget: you can cut expenses now,
The gap between what The politically sensitive Unless you were a grocery- look at if you can lock in
the U.S. sells and what it deficit in the trade of hoarding hermit before the a lower interest rate that
buys abroad jumped to goods with China rose pandemic, chances are could save you a few dol-
$49.4 billion in April, up 53% to $26 billion in April; your spending habits have lars a month."
16,7% from $42.3 billion in goods exports to China shifted. Revise your bud- The goal is to knock out
March and highest since rose 29%, but imports rose get to reflect where your your debt while you're in a
last August, the Com- more — 45% — as Chinese money is going now, ac-
merce Department said factories ramped up pro- counting for things like ex- SPECIAL FATHER’S DAY
Thursday. April exports fell duction after a draconian panded grocery expenses 100 % LeaTHer
20.5% to $151.3 billion, and lockdown. and less spending on enter- Walets (H&M) awg.75.95 now
imports dropped 13.7% to In April. the United States tainment, such as concerts handbags, rugtas, portfolios
$200.7 billion. April's ex- ran a $71.8 billion deficit in and dining out. sport & elegants for (H&M)
ports were the lowest in the trade of goods such as — Beef up your savings: awg.140 -105 now belts
exactly 10 years; imports autos and appliances.q Preparing financially by in- Cell: 560 3451
creasing your emergency