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Coronavirus Cash Crisis: Should I Keep Paying Down My Debt?

The coronavirus pandemic prompted an unprecedented shutdown of the U.S. economy. Experts weigh in on how people should tackle existing debt.

Coronavirus Cash Crisis: Should I Keep Paying Down My Debt?

Coronavirus Cash Crisis: Should I keep paying down debt during the pandemic?

"Make sure that we're able to cover our minimum debt payments. We don't want to try to accelerate and pay off debt any quicker right now because we don't know the timing of when things are going to get back to normal," said Andrew Smith, the chief investment office for Delos Capital Advisors.

"It's just one of those situations where it's much, much better to play it safe. So if you're considering how to be paying off your debts, right now, unless you're in the what I would call a 'unicorn' position of a stable job and a very healthy emergency savings fund — if that's not your position, bare minimums on everything," said Erin Lowry, author of Broke Millennial.

"And also understand what the specifics are. If you continue making payments, does it go to the principal, and then are you able to make a bigger dent in that debt? And then you can make a decision on whether that's worthwhile for you right now because maybe you still have income security," said Stefanie O'Connell Rodriguez, a personal finance author.