When people are asked about the worst financial times, they always relate to the great recession of 2008-2009, but the current coronavirus pandemic has wreaked more havoc and plunged the country into a far worse economic crisis in living memory. According to a study conducted by Pew Research Center, 69 percent of Americans feel the ongoing economic situation is bad with only about 30 percent saying the economy is on track.
When compared to the great recession that remains active in the minds of many Americans, only 17 percent of the population thought the economy was in good standing. What this means is that the current financial crisis is far worse than the effects following the financial crisis: over 20 million people have lost their jobs, the economy is shrinking at a fast rate and the government is spending more than it did in history.
With the shutdown of the economy, many businesses have suffered while a significant number of them are unable to come back to operations despite the reopening of the economy. Below are some of the financial issues that many Americans are grappling with amidst the slow economic resurgence amidst the surging spread of the novel coronavirus:
At the top of the list of issues is the concern about the unprecedented unemployment rates. When asked in a survey about the financial issues facing them, a significant number of Americans affected by the ongoing pandemic say they are more worried than before about meeting their daily costs such as paying rent among other obligations.
In particular, the young adults and college graduates say that closure of business enterprises, a slow economic pickup, and the rising cost of living have dealt them a big blow. If the reading of the data from the Gallup’s annual Economy and Personal Finance Poll conducted in April is anything to go by, then most Americans are highly likely to suffer more.
Inability to Repay Huge Debts
As the world continues to bear the brunt of the effects of COVID-19 and its associated financial turmoil, many people are set to witness hard economic times. More than ever before, far too many Americans borrowing loans are now finding it difficult to repay. The inability to stay ahead of your repayment schedule means the borrower risks facing foreclosures and possible repossessions without forgetting being listed with the Credit Reference Bureau.
Top on the list has been the worrying statistics about the number of student loans that go into non-performing class. The biggest debt problem America is dealing with is credit debt and student loan debt.
Currently, the student loan debt is over $1.6 trillion which is far higher than credit and car loans put together. By any measure, student loan debt is a crisis considering that a majority of those with loans have their repayment schedules spanning decades and huge repayments.
The good news is that Elite Document Management Solutions has several customized financial solutions aimed at helping clients struggling with financial challenges such as unmanageable debt burden.
As a company that has been around for years helping people restore their financial footing, Elite Document Management Solutions boasts of providing one-stop solutions for people looking to restructure their finances and overcome the hurdles that come with tough economic times.
Elite DMS understands that people have different reasons leading to their financial problems and that each requires a customized solution regardless of their circumstances. Having hired some of the best experts the industry can ever have, Elite DMS is there to offer you unparalleled financial management skills to help you get back on your feet.
While they know that people who are overwhelmed by tough financial times have minimal chances of bouncing back, especially if they do not have the right financial expert to help maneuver the challenging waters of debt repayment and collection actions, the company has designed the best financial rehabilitation programs that can help you come out of all manner of financial trouble.
At Elite DMS, they really understand the importance of financial freedom, which is the reason their dedicated team of financial professionals is always committed more than ever before to help you get relief. In their financial management and rehabilitation program, they are determined to help you to:
• Identify the root cause of your current financial problems and the practices you should avoid getting back
• Evaluate your debt-income ratio while considering your expenditures to determine the best way of dealing with the matter
• Develop a personalized and effective financial management program that fits your specific circumstances
• Establishing and maintaining long-term financial stability
Besides helping to develop individualized financial management programs, Elite DMS also offers excellent credit monitoring to help clients follow through with their debt situation more easily and effectively.