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Many Set to Struggle Financially as Lockdown Continues

Many Set to Struggle Financially as Lockdown Continues

By    |   Friday, 08 May 2020 10:28 AM

Over the past few months, the whole world has found itself in an unprecedented situation. As a result of the global COVID-19 pandemic, tens of thousands of people have died with many more being infected and falling ill. In a bid to stem the spread of the infection, countries around the world have enforced lockdown rules that have confined people to their homes and forced the temporary closure of businesses.

While some countries are now easing up on the restrictions, many businesses remain closed and some may end up being unable to reopen due to the financial losses. This has left millions of people out of work and wondering how they will manage financially. Naturally, as the outbreak was unexpected, most people did not have the time or chance to save enough money to tide them over. Many are now receiving only a fraction of their salary while some are now reliant on welfare.

The Cause of Great Concern

There are financial lifelines available for those who are struggling, and this includes everything from personal loans to fast bad credit auto loans. However, for those who have lost their income, getting into debt could put them in an even worse situation. In addition to losing their income, many will also see their credit score plummet as a result of being unable to meet bill payments and housing costs. Naturally, many are also worried about losing their homes through eviction or repossession.

Another concern is that many of those affected may have no idea what to do and could simply ignore the problem, which means that their situations will get worse. Officials have advised those in financial trouble to ensure they contact relevant companies and agencies to explain the situation to them. Because of the unprecedented nature of the outbreak, banks, letting agencies, and other businesses have procedures in place to help those who are unable to make their repayments. By contacting them, those who are in financial dire straits can come to an agreement that could potentially help to keep them afloat.

The United States has already seen unemployment levels rocket to record levels in a matter of weeks, as more and more people have lost their jobs due to business closures and cutbacks. In addition, the number of new vacancies that people can apply for has plummeted, as businesses are not in a position to consider recruiting. However, there are exceptions, as some businesses that are classed as essential have remained open and demand for their service has rocketed during the lockdown. This has resulted in recruitment drives to help meet this rising demand.

The COVID-19 pandemic has had a devastating impact on economies across the world, and many officials say that it will take years to recover from the effects of the pandemic. For individuals, recovery could also take a very long time, as many will have wiped out their savings and got themselves into debt in order to stay afloat.

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Over the past few months, the whole world has found itself in an unprecedented situation.
debt, loan, finance, money
Friday, 08 May 2020 10:28 AM
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