If you’re feeling an impact from COVID-19 on your credit, or know of someone that is, you are not alone. There was a recent report from TransUnion that reported 58% of people are financially impacted and 70% are concerned about their ability to pay current bills and expect to be unable to pay within the next 6-8 weeks, that’s without the wonderful support of the government... what? paying a ton of taxes Doesn't that cover it? With numbers that staggering, what will happen to credit scores?
Bottom line, it’s still too early to tell. But with almost everything that was passed coming to an end such as eviction bans, mortgage forbearance, and many more. What will happen to not only people’s wallets but their Credit that has taken many months/years to be creditworthy to the banks.. what then?
People that are unemployed due to the virus and the government shutdowns people aren’t caring as much for their credit or I mean to say not as important as feeding and paying for the utilities.
Nest egg? Investments, crypto holdings sure it’s all nice to think everyone knows how to manage $$ but the reality is they don’t, or it seems like it.
So I say don’t use credit unless you have to and be super frugal and careful on splurging. Credit bubble or not try to keep that clean, because if you haven’t noticed they (Elected Officials) don’t give a rats ass.
If you arnt mindful the whole Covid situation is going to make some financially ruined if it hasn't already.
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Yea its unfortunate...and you can tell all the lending institutions see it coming, how they have been more stringent on lending requirements and all.
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I do also like how many banks are trying to help 🆘, it's just not enough.
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There is no doubt covid is destroying credit scores. Many forgot the lessons of 2008 and were leveraged to the hilt when covid hit. It is going to be tough for many, and I still don't think the economic impact is being accounted for in the stock market.
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2008 was a man-made disaster 🌊, ignoring all facts the credit bubble was there it was ignored.
Now 2020 comes along with many natural disasters around the globe occurring together and in the middle of a pandemic a virus that was known since January of this year maybe even earlier than that, coupled with the US elections ✅. Both sides of the political spectrum are to blame whilst they play the blame game.
A Stimulus bill was passed 6 months ago the shutdowns have been worse most of the children are not in school and are doing Zoom class room meetings.. Feels like they are watching a tv show not much engagement.. People dying people losing their homes all while the people that we elected are chilling still getting paid from our taxes that we have yet to pay.
EU is meant to help support while you obtain a new job, you ain't get even half of your regular earnings sure they passed a $600 extra and than Trump passed a $300 extra for UE that's gone.. People are still getting and having to stay home to watch their kids while they try to school while on a screen.
Credit and lives will wither away faster than we known...
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Basing on the experience that I have currently as a collector, a lot of account holders are placed in default.
These programs offered already expired last October though we have some leeway on collecting the funds, as we always say there is not that much that we can do right now too on stopping their account on being reported.
Hopefully, there would be some options that can be provided but right now banks are also in tight situation plus us being endangered of losing job due to this pandemic.
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