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1.3 Million Homeowners Dread Foreclosure. Are Their Worries Justified?

  • Posted On September 23, 2020
  • Categorized In News
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During the COVID-19 pandemic, the United States Congress approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act that allows affected homeowners to skip or delay their payments up to a year. In a recent Census Bureau Household Pulse Survey, 1.3 million homeowners stated that “it is somewhat likely” they will have to leave their current living arrangement in the next two months. The survey ended on August 31. There is a big gap in what the CARES Act promises versus what home lenders provide to their borrowers. Borrowers might have a right to worry if their lenders expect payment as soon as the CARES Act is expired.

A Complete Bankruptcy Refresher

Everyone from retail chains, to individuals with medical and credit card debt, and even entire cities can file for bankruptcy. Bankruptcy is sometimes the only way out of debt and while it may have negative short-term effects, it provides a solution to a problem that so many of us will struggle with at some point in our lives. Financial experts and attorneys define the most common debt as “unsecured”. An example of very common unsecured debt is accrued credit card and medical debt. As we know, This doesn’t always happen as a result of a direct mismanagement of our funds. Life can throw us curve balls in the blink of an eye and put us into financial trouble quickly. A perfect example of this our country’s current crisis, the Covid-19 pandemic. There are also things to consider when deciding whether or not to file bankruptcy such as how it may impact your credit, how long the process takes, and the debt thresholds each type of bankruptcy requires. As every situation is different, so let’s discuss each of the most common types.

Managing Student Loan Debt During The Pandemic

There’s no denying the enormous economic impact the Covid-19 pandemic is having on American households. Keeping up with fixed expenses such as mortgage payments, electric bills, and car payments has become a major stressor for many. For some, companies are willing to extend due dates, lower interest rates, or even discount the amount owed. That being said, what options are there for student loan borrowers to help during this pandemic? Fortunately, there are options whether your loan is Federal, Private, or through your employer.

Update: What We Know About the Second Stimulus Check

The global pandemic, Coronavirus, took every country by surprise, however a large number of countries were proactive to cover their citizens during this period of uncertainty, one of which was the United States of America. The American Government enacted the CARES Act which amongst others, provided stimulus payments to its citizens. The Act was a welcomed initiative to alleviate the hardship that the pandemic posed but a major downside was that it was insufficient and restrictive in its application.

This Is the Perfect Time to Declutter Your Finances

In 2019, decluttering was all the rage.  Marie Kondo and The Minimalists became household names.  However, did you know that decluttering is also an important thing to do with finances?  Many people are overwhelmed by their own financial situation because they either do not understand it or it is just…messy.  One of the easiest things you can do to help yourself is simplifying your financial life.

Teaching Kids About Money

It may seem fruitless to teach small children how money works, but that could not be further from the truth.  Helping children to understand the value and purpose of money can lead to a lifetime of sound financial decision-making.  However, finance can be a bit of a tough sell to a 5-year-old.  Keeping it interesting is an essential aspect of teaching kids anything and finance is no different!

If You Are Looking for a Job, Focus on These Opportunities

With the unemployment rate jumping from 3.5% to 4.4 % and multiple non-essential businesses forced to close, the job market is getting unattractive by every measure. Yet, amid this grim situation caused by the coronavirus pandemic, there is still demand for people especially those on the frontlines like online retail, delivery, and health. A number of companies especially the retailers are still hiring despite the prediction that the unemployment rate will still climb higher. Though not all employment opportunities are ideal, they are out there!

When It Is Time to Consider Filing for Bankruptcy

The coronavirus pandemic has left quite of wreckage in its wake, some of which is financial uncertainty and unemployment. Despite the government relief granted under the CARES act, a lot of people are frightened by the uncertainty this period poses. The unemployment rate has increased drastically with predictions of further increase and lots of people are behind on their loan repayments. With the insecurity, most people wonder when it is the right time to file for bankruptcy. Bankruptcy shouldn’t be considered a bad thing as it can be the best step to take you out of financial ruin. So, what should you consider when the idea of bankruptcy surfaces?