How to Manage Credit and Finances During The Government Shutdown


The current government shutdown has impositioned more than a million American workers in some way, causing many impacted consumers to look for ways to make ends meet while paychecks are missing. The tips below for managing credit card cash advances and smart alternatives come from Brittney Mayer, credit strategist at (

  • Make purchases with your credit card:  Versus taking out credit card cash advances, which almost always have much higher interest rates than new purchases.
  • Use savings or borrow from family: Before paying 30% interest or more for a cash advance, consider using savings account or borrowing from a friend  or family member.
  • Try personal loans from credit unions:  Local credit unions often offer lower rates than big banks and tend to have more flexible credit requirements.
  • Know what your fees are:  Understand the fees you’ll be charged, including both the cash advance transaction fee, as well as the interest fees.
  • Know the interest rates:  Credit card cash advances tend to be charged a higher interest rate than other types of transactions, and won't qualify for most introductory rates.
  • Pay cash advances as quickly as possible:  Cash advances do not qualify for the interest charge grace period offered by most cards for new purchases, so cash advance transactions will start accruing interest as soon as they post.