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Ways to work toward securing financial stability as we ring in the new year

If possible, people should put their upcoming income like the stimulus or income tax towards bills that have fallen behind.

CORPUS CHRISTI, Texas — The need for more financial aid continued to be felt for thousands of Americans. The coronavirus pandemic led to many people losing their job and incomes. 

"There are lots of people behind in their bills," said John Stearns, a financial adviser.

The Bureau of Labor Statistics reported another high number, 10.7 million people without a job as of November 2020.

Stearns said many people fell behind and into debt after a significant loss in income, but with 2021 more hope shined through. 

He shared several steps people can take toward reaching financial freedom again.

He advised for people to write down their monthly income and expenses. After all necessities are paid in a month, they should take a look at how much is left.

"Let your creditors known about the situation you're in and see what you can work out from there," said Stearns. He added that if people are behind on bills, they should try to not let them pile up.

"Take that stimulus money out of the savings and pay that debt," said Stearns.

If possible, people should put their upcoming income like the stimulus or income tax towards bills that have fallen behind.

"Redoing their auto loan payment, redoing their student loan payments," said Stearns, adding that refinance is possible for some with high credit.

People should also take advantage of the help around them and reach out to local organizations that offer help. 

"Most important thing is you don't have control so do whatever u can to retake control of the situation," said Stearns.

For the latest updates on coronavirus in the Coastal Bend, click here.

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