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The Center Square featured Professor of Finance P.V. Viswanath in "Analysis: New York leads all states in residents' interest in loans to make it through pandemic"

07/16/2020

The Center Square featured Professor of Finance P.V. Viswanath in "Analysis: New York leads all states in residents' interest in loans to make it through pandemic"

WalletHub spoke to a number of financial experts to interpret the findings, including P.V. Viswanath, a professor of finance at Pace University’s Lubin School of Business in New York. He warned that while some forms of borrowing may be low-risk, such as from one’s own 403(b) or 401(k) plans – provided borrowing is allowed – other types of loans could create long-term problems.

“Obviously, with such borrowing, as for borrowing from any other source, it is important to have in mind how one will repay the loan,” Viswanath wrote. “Especially if interest rates are high, implications for future cashflow might be severe.”

He suggested that borrowing from family might be a reasonable option for some people, and some credit unions offer favorable interest rates. Credit cards, on the other hand, tend to have higher rates.

Read the full The Center Square article.