The widespread economic halt arising from the Coronavirus pandemic has had strenuous implications on citizens across the world. There’s no telling how long the virus will last and its resultant effect on Americans. Offsetting student loans has always been a pressing task for most citizens and with the coronavirus eliminating/reducing income, the struggle has increased. The unexpected pandemic has made it even more difficult for the average American to offset their debts – student debts being among the most troublesome. Reports show that, as of March 2019, American’s outstanding student loan debt topped $1.5 trillion. Most people are beginning to wonder how to deal with their mounting debt during this economic crisis.
A lot of scammers are using the coronavirus pandemic as an opportunity to steal the money of unsuspecting victims. Senior citizens are the most vulnerable to financial scams and scams in general. According to reports, Medicare scams have increased as a result of the pandemic. Since most people over 60 years old are not interacting with their service providers, friends, or neighbors, they can be swindled with scams that seem legitimate. For people who are ill, using trusted delivery services for food and supplies is the best way to go because these scammers pose as good Samaritans and they run off with your money. In this article, we will take a look at some of the other scams that have surfaced during this COVID-19 pandemic.
The Covid-19 pandemic has affected almost every aspect of daily life from employment to retirement contributions. Since the pandemic began, over 30 million people have filed for unemployment, which goes to show that the financial strategies that most people had have been affected. Most people have halted contributions to their retirement accounts because of the uncertainty of this pandemic period.
Covid-19 came unexpectedly for most individuals, business owners, and countries worldwide. Since a lot of businesses depend on people to thrive, most of them suffered severely as the pandemic progressed. Those in the airline, restaurant, hospitality, and tourism sectors were hit the most during the period. Although some were able to successfully transition to the new digital way of conducting business, others are still scrambling. In this article, we will be taking a look at the big businesses that have been infected the most by COVID-19.
The strain COVID-19 has placed on the US economy is no longer news. However, what is more worrisome is how more people are suffering from this economic burden than others. The US Department of Labor has reported that more than one in 10 Americans have filed for unemployment in the last two weeks of March and the first week of April. This goes to show that a lot of people are unable to meet their financial needs or pay off their debts. One of the payments most people are having a hard time paying this period is the care loan payment. Thankfully, there is relief available to many people.
You May Be Able to Get Financial Help From These Major Financial Institutions If You Have Been Negatively Affected by COVID-19
The Coronavirus pandemic has spread rapidly across the country and so has the need for financial aid and resources. Despite the stimulus check given to the American people over the last month, over 30 million Americans have registered for unemployment. This shows that, despite the stimulus package offered by the government, millions of Americans are still in desperate need of stimulus packages. However, several institutions and private businesses are offering financial help to people who have been negatively affected by the pandemic. We have accumulated a list of institutions you can go to for aid during this time.
The outbreak of the COVID-19 virus has had a huge effect on the world. In the US, many Americans are struggling with reduced income, offsetting debts, unemployment, and worse, keeping a roof over their heads. To help with this, the government has enacted the Coronavirus Aid, Relief, and Economic Security Act, with the main objective of providing financial relief options to Americans affected by this pandemic. In this article, we will discuss the mortgage aspects of the CARES Act in detail.
As you are surely aware, the Federal Government passed the CARES Act which is intended to provide relief for Americans as they are affected by the Coronavirus pandemic. While the Federal Government funds the Act and provides guidance on how to utilize the funds, it is up to individual states to decide how to allocate the money. Florida’s portion of the funding which resulted from the act is $4.1 billion. All eligible individual Americans received $1200 (depending on income), married couples received $2400, and additional funds were allocated to parents with children. The cash distribution was only one part of the CARES Act.
People all over the world are facing financial strain because of the Coronavirus pandemic. It may feel as though you will never recover or that you will lose everything because you cannot afford to pay the bills. There are many ways to get the help you need and there are tools to help you get out from under the crushing weight of debt. Your financial burden is not permanent. Here are some things to consider.
Contrary to the popular saying, filing for bankruptcy is not a bad thing. It is, in fact, a good thing as it eventually gives you the opportunity to have a clean financial slate. If your credit is in shambles, bills are piling up, your rent is due, and you have no means of making your monthly payments on your credit card – you should consider filing for bankruptcy. Chapter 7 bankruptcy is the best option if you can’t make your credit payments, but if you need a payment plan to pay back all your debt, you should opt for Chapter 13 bankruptcy. After filing for bankruptcy, all of your unsecured debts would be discharged, and you’ll have a clean financial slate – but it is not always easy. The red flag on your credit report that indicates you’ve filed for bankruptcy will make it hard to get any kind of loan or credit. Also, it will remain on your report for seven to ten years, depending on the type of bankruptcy you choose. In this article, we will discuss what life looks like after bankruptcy and how to build your credit after.