Pandemics have come and gone but none have been as crippling as what we face today. COVID-19 spread quickly around the world causing fear and panic. It has now claimed more than a million lives worldwide almost a year since its discovery. Governments at all levels had a hard time managing this public health crisis.
Many resorted to stay-at-home orders, business closures, roadblocks, grounded flights, and other measures to reduce the pace of infections. All these were seen as painful yet necessary sacrifices to prevent a torrent of fatalities. However, the economic toll has been immense.
In a poll published by the NPR last September, almost half of the respondents experienced financial hardship as a result of a lost job, reduced wages, or shorter work hours. The poll was conducted among residents of Chicago, Houston, New York, and Los Angeles. Among these large US cities, Houston households reported the highest percentage of serious financial issues with 63% overall.
A deeper dive reveals that it was much worse for some at 77% among Latinos and 81% among Blacks in the city. As expected, those earning low incomes pegged here at $30,000 or less suffered the most at 86%.
When it comes to savings, the picture was never rosy, to begin with. Few people have substantial emergency funds to cover unexpected expenses. Many live paycheck to paycheck. A lot more are mired in debt.
Thus, the coronavirus outbreak has only made a bad situation worse. Federal support programs were able to keep individuals and businesses afloat for a while during the initial chaos. When no money was coming in, they could depend on the government check to get by. However, these programs can’t go on forever. When they expired, people who were dependent on them had a difficult time paying rents and utility bills.
Economic damage was given the moment that shutdowns took effect. The national emergency relief bill was passed precisely to minimize the damage and help people get through these difficult times. However, trillions of dollars from the government have not been enough to help everyone in need.
New financial aid may be on the way but that is unlikely to fill all the gaps as well. There are just too many households suffering and never enough money on the table. What’s more, not all of them qualify for assistance for one reason or another. This is where private institutions come in.
Various services are available for those who are near their breaking point because of their financial troubles. Every situation is unique so every individual needs to find a service that fits his or her needs and provides the expected results.
For example, financial rehabilitation can be a long and difficult road. Those who are drowning in debt may no longer be able to pay back their loans because of their diminished work status. They may be earning less or none at all because of all the businesses that are closing their doors. Finance specialists can help these people settle their dues and get back on track.
Elite Document Management Solutions is one of the leading names in this field. They understand how debilitating it can be to have no means to pay your debts when the collectors come knocking. They can propose different solutions and explain the pros and cons of each.
They will do everything possible to assist their clients in getting a favorable outcome that frees them from the stress and pushes them toward financial stability. Elite DMS can also perform credit score monitoring to ensure that this number goes up slowly but surely.