Over the past couple of months, we have seen an unprecedented situation around the world, which has resulted from the COVID-19 global pandemic. Many non-essential businesses have been forced to close and a lockdown has been enforced that has left millions confined to their homes. With no work to go to, many have been left without an income due to layoffs while others have been furloughed with a reduced income.
While people may be saving the money that they would have otherwise spent on going out or traveling, many are now in a position where the money they are getting does not stretch far enough for the essentials. As such, many may be looking for financial lifelines during the lockdown, but their options may be limited. There are still options that people can turn to even if their credit has taken a knock due to their current financial situation. This includes being able to get easy online title loans or applying for a credit card for those with damaged credit or limited income.
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What Struggling Consumers Can Do
The worse thing for any person to do if they are struggling financially is to bury their head in the sand. This is something that many people do in the hope the problems will disappear, but they will, of course, simply get worse. So, you need to take action sooner rather than later.
One of the things you can do if you are struggling to meet your housing payments such as your rent or mortgage is to contact your landlord or bank. In the current unprecedented situation, landlords and banks have procedures in place to help those who cannot meet their housing costs due to COVID-19. So, make sure you get in touch to see how they can help you and to ease the financial strain you may be facing.
If you have debts such as credit card debt and loans, you should also work out what you can realistically afford to pay on them in the current situation. You should then contact the lenders to discuss your affordability and to see what options they can offer. Like banks and landlords, lenders will have procedures in place to help people with payment issues in the current situation. Again, this can provide you with greater peace of mind and can help to ease the financial strain.
There are some people who are finding it hard to keep on top of bill payments such as the internet, water rates, and other utilities. Don’t want until the services are restricted due to lack of payment – make sure you keep all of your providers up to date on your situation and your affordability. Most will be able to offer various options to help you during the lockdown and if you have lost your job because of the situation.
By making sure you are proactive and that you take steps to deal with the financial issues that arise, you can stay on track far more easily.