Dean Nicole Thorne Jenkins was recently featured in personal finance website WalletHub’s “Ask the Experts” column, discussing personal loans.
Sharing her expertise in the accounting field, Jenkins details the impact personal loans can have on an individual’s taxes. Providing expense recommendations and warnings for personal loan use, she explains that loans are best applied to moving cash “from a future period to a current period,” while avoiding the risk of funding current expenditures with them.
Additionally, she discusses how the pandemic has affected the number of personal loans taken out, and provides advice for those who are having trouble making their loan payments.
“It is better to make your payment late than not at all,” Jenkins says. “If there are no sources of cash and/or if this will be an ongoing challenge, one should contact their lender to avoid default and investigate opportunities to refinance the arrangement or negotiate a settlement.”