The Roanoker - November/December 2020 - 32

30S

CAPITALIZE ON LOW
INTEREST RATES

Virginia Western has a number of
certificate programs that can be completed
in as little as six months. According the
Amy White, Dean of STEM Center for
Science and Health Professions at the
college, computer science & information
technology is particularly relevant today.
Areas like networking and cybersecurity
are not only in-demand now, but are
fields where the need for skilled workers
will extend far into the future. "With
teleworking, how effective is that?" she
asks. "There's great opportunity if they
don't want to stop at a one-year certificate
to get an Associates or a four-year
bachelor's from these programs. It doesn't
matter if we're quarantined or back with
zero restrictions, those jobs are going to
be there."
White also cites biotechnology and
mechatronics as wise career paths, with
constant queries coming in for workers
in these high-paying fields. The school
offers one-year certificate programs in
all these disciplines, with an option for
Mechatronics in as little as one semester.
The Virginia Western Education
Foundation provides scholarships for
students of all ages. "Many programs
that are being born as we speak from the
COVID crisis are meant to get people
retrained," says White. Most of these are
currently being offered by the government,
but White anticipates the private sector
will be stepping up with additional funds.
Those of any age who are still in the
workforce may want to consider gaining
relevant skills in high-paying science
and technology sectors to fill current and
future needs.
32

NOVEMBER/DECEMBER 2020

Now is a good time to restructure debt and take advantage of inexpensive
borrowing. Jerome Powell, Chair of the Federal Reserve, has indicated he
doesn't anticipate raising interest rates until after 2021.
There are a lot of areas where those in their 30s can reduce monthly
payments or overall debt. Mortgage rates are at historic lows. For
homeowners, refinancing their largest expense might make sense. Banks
are offering products with low or no points. Any closing costs can usually
be rolled into a new mortgage. Those with good credit who are paying more
than 4.5% on a 30-year note should consider refinancing. Many are finding
monthly payments are lower even when converting this debt to a 15-year term.
For those driving clunkers, it might be a good time to invest in
transportation you can trust for the next ten years. Incentives for buyers
of new automobiles are considerable. Many car
manufacturers are offering cash back and low-interest
terms extending to 72 months and beyond.
Credit cards are another area to consider.
In an ideal world, people pay off the balance
on cards every month. For those who foresee
a large purchase in the near future, though,
payments can sometimes be amortized over
time interest-free. Credit card companies have
been offering 0% financing for 12 months with
cash rewards on as little as $500 spent in 90
days. For those who feel confident they'll be
able to pay off the balance when the 0% term
ends, this can be a good way to leverage nocost money on planned purchases.

"Now is a good time to
restructure debt and
take advantage
of inexpensive
borrowing."

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The Roanoker - November/December 2020

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