• About Us
  • Write For Us
  • Advertising
  • Support
  • Contact Us
September 29, 2023 10:04 pm CDT
Heartland Newsfeed
  • Illinois
    • Local
      • Capital Area
      • East Central Illinois
      • West Central Illinois
    • Regional
      • Chicagoland
      • Metro-East
      • Northern Illinois
      • Quad Cities
      • Southern Illinois
    • Obits
    • Executive Watch
    • Legislative Watch
    • Road Conditions
      • Illinois
    • Weather Closings
      • Central Illinois
  • Missouri
    • Regional
      • Northeastern Missouri
      • East Central Missouri
      • St. Louis Metro
      • Southeast Missouri
    • Executive Watch
    • Legislative Watch
    • Weather Closings
      • Greater STL Metro (IL/MO)
    • Road Conditions
      • Missouri
  • Weather
  • National
  • World
  • Sports
  • Entertainment
  • OPINION
  • Radio
    • Affiliates
    • Network Schedule
    • Network Streams
    • Podcasts
  • Features
    • Business Directory
    • Classifieds
      • Current Ads
      • Job Board
        • Job Listings
        • J2CTalroo
        • Post a Job
        • Receive Alerts
        • ZipSearch
    • Community Calendar
    • Live Video
    • Newsfeeds
    • Puzzles & More
  • Store
  • Deals
  • Calendar
No Result
View All Result

No products in the cart.

Heartland Newsfeed
No Result
View All Result

Money management in the COVID-19 era as debts continue to soar

Partner Contributor by Partner Contributor
July 26, 2020
in Business & Lifestyle, Financial News, In Your Home, Life & Style
Reading Time: 3 mins read
Donate
0
Debt was an issue in the US long before the COVID-19 coronavirus came about. Now, with millions unemployed and borrowing increasing day to day, Americans are facing unprecedented financial challenges. As debts soar, managing money becomes increasingly difficult, especially for those who have been forced to stop working or lost their jobs.

What is the situation?

Personal debt was a problem before anyone had ever heard of COVID-19; however, this novel virus had wreaked havoc on businesses and livelihoods, plunging more households into debt. With unemployment rates hitting record peacetime highs in April 2020, and over 4 million confirmed cases of coronavirus, the US being one of the worst-affected countries. Employment rates are starting to rise after a steep decline in April and May; however, it could take some time for full economic recovery. The longer lockdown measures remain in place, jobs are at risk and consumers are reluctant to spend money. This brings forth a higher risk of falling into debt. For many, this is a terrifying time, but there are solutions.

Managing money advice

The vast majority of US citizens are in debt; however, it must be crucial to state that there is a major difference between controllable debt and spiraling into debt. For those who can continue to pay off loans and mortgages, there should be nothing to worry about. Debt becomes an issue when people are unable to cover the costs of outstanding payments. This will cause problems with creditors, and it also means that there’s a risk of turning to options like payday loans and credit cards, which carry high-interest fees. It can be very easy to get into a situation where it becomes impossible to pay debts back. The first step to take when facing an uncertain financial future is to analyze and reduce spending. The next step is debt relief. The sooner people seek advice about improving their financial situation and paying off debts, the better. It’s not always easy to reach out, but there is help available and there are schemes in place to support people who are trying to get back into the black. 

Viable solutions

It’s often assumed that people get into debt because they have a lavish lifestyle or they spend money too freely. While this may be the case in some instances, most people are merely trying to keep a roof over their heads and food on the table. Once you fall behind with payments, it’s easy to get into a vicious cycle of borrowing and paying interest, which makes it difficult to eliminate debts. Solutions include credit counseling, debt management plans, and consolidation loans. Consolidation loans are an effective option for people who have multiple creditors. By taking out a single loan, it’s possible to pay off a series of outstanding debts and start afresh with one payment per month. In more extreme cases, where it’s not possible to come to an arrangement with creditors to pay the money back, bankruptcy might be the only option. COVID-19 has shattered global economies and left millions of people worrying about money. As debts soar, managing money and seeking advice has never been more crucial.
Partner Contributor
Website | + posts
  • Partner Contributor
    https://www.heartlandnewsfeed.com/author/fatjoepublishing/
    Changes for your business to overcome
  • Partner Contributor
    https://www.heartlandnewsfeed.com/author/fatjoepublishing/
    How local stores are bringing customers in
  • Partner Contributor
    https://www.heartlandnewsfeed.com/author/fatjoepublishing/
    Factors to consider when looking for a new job
  • Partner Contributor
    https://www.heartlandnewsfeed.com/author/fatjoepublishing/
    Why manufacturing is winning the battle with AI

Share this:

  • Twitter
  • Facebook
  • LinkedIn
  • Reddit
  • Tumblr
  • Telegram
  • Print
  • Email

Like this:

Like Loading...
Share196Tweet123Share5Send
  • Workforce training center opens in Litchfield

    1497 shares
    Share 599 Tweet 374
  • Missouri law to crack down on porch pirates

    980 shares
    Share 392 Tweet 245
  • Missouri Dems critical of proposed tax cut

    959 shares
    Share 384 Tweet 240
  • No management pay raises in UPS deal

    917 shares
    Share 367 Tweet 229
  • McARDLE PAPERS: The most corrupt committee in the national Libertarian Party

    915 shares
    Share 366 Tweet 229

OPERATING HOURS

Online all the time 
Office Hours: 8 AM to 8 PM

Sitemap | Published Press | Privacy Policy
Staff Email | Independent Media | Buy traffic for your website

LIVE WEBSITE VIEWERS

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

No Result
View All Result
  • News
    • Politics
    • Business
    • World
    • Science
  • Entertainment
    • Gaming
    • Music
    • Movie
    • Sports
  • Tech
    • Apps
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Food
    • Fashion
    • Health
    • Travel

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

WP Radio
WP Radio
OFFLINE LIVE
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
%d bloggers like this: