Recent Articles in Pandemic
In these hard times, it’s not just our health that we need to take good care of but also our financial status. Given that a lot of jobs were lost or in peril, as well as both small businesses and large companies struggling or worse going bankrupt, staying on top of finances has been hard to do.
Credit card debt has ballooned and Covid-19 has forever changed the way we do banking or the way we use a credit card. Remember that you are not alone and that there are certain measures in place to help you out if you’re struggling.
What should you do financially to get through the coronavirus COVID-19 pandemic? Regardless of the current or coming health effects of COVID-19 on you or your family, the pandemic has affected and will continue to affect household finances for months and possibly a year or more. Having a plan, prioritizing spending, and using resources efficiently will be key to your financial stability.
A recent survey by Clutch.co of over 500 Americans indicated that about half (49%) felt financially prepared for the economic impact brought about by the pandemic. This is a positive indicator that Americans feel comfortable organizing and following a personal budget.
The quarantine has cooped us up at home for months, making us feel like birds ready to take flight the first opportunity even after summer. But the travel industry is unrecognizable, and the economic picture could frighten even the most intrepid. Add in restrictions to limit the spread of the virus, and it just may feel impossible to travel safely or wisely this year.
The COVID-19 pandemic has created a rough situation for everyone. As the disease sweeps across the globe, everyone’s top priority right now remains the same – staying healthy. However, staying physically and financially healthy in the current economic climate poses a challenge for most people.
COVID-19 has changed our money habits. For example, in April occurred the largest drop in consumer spending since the government began tracking the metric in 1959.
That may come to you as no surprise. Many businesses deemed “inessential” closed down completely or could only operate at partial capacity. Restaurants, bars, tourism, movie theaters and many retail outlets took a major hit.
The unexpected, devastating, and far-reaching economic effects of COVID will remain with our country and the world for years. Individuals may even feel the consequences for the rest of their lives. In many cases, individuals and households will turn to personal bankruptcy in order to protect their assets from creditors.
What are the best ways to consolidate credit card debts and collections during and after the coronavirus pandemic?
The best debt consolidation options during and after the coronavirus pandemic include do-it-yourself repayment plans, debt management programs through nonprofit credit counseling agencies, and, in cases of well-established consumer discipline, debt consolidation loans.