Mike Kinane is Head of Credit Cards at TD Bank. With close to 30 years of banking experience, Mike has U.S. footprint-wide accountability for the bank's consumer lending businesses, including home equity and personal lending products. Based in Mount Laurel, New Jersey, Mike joined TD Bank in September 2005. He is also currently on the advisory board for the National Federation of Credit Counselors and the client advisory board for Equifax.
In the short-term of forgoing savings, whether you’re a homeowner or not, there are unexpected things that happen in people’s lives — whether it be with their car or an emergency hospital visit — things that you need to pay for. And making sure that you have some level of a cushion to help weather those unexpected events is extremely important.
Especially with student debt, you’re trying to juggle a monthly debt burden on top of a car loan and rent and other things, and then this bump in the road could cause you to miss a payment or two. That can cause even further damage to people’s credit and their credit history.2 October 2019