Millions of Americans are drowning in debt. While many are able to stay afloat with a source of income such as a job, the global Coronavirus pandemic could put these sources in jeopardy, as it already has in the case of millions who have lost their jobs. Secure One Financial advises seeking expert help, and considering multiple options to reduce personal debt before settling on one.
According to the US Federal Reserve, the total household debt had already reached $14.3 trillion even before the pandemic. Government support, payment forbearance, and payment holidays from creditors have kept many from completely sinking in debt for now. Some experts believe that these may have only delayed a debt crisis, as uncertainty surrounding the pandemic continues.
While the risk of payment holidays and forbearance ending soon is a problem, the more pressing risk is the possibility of government support ending sooner. The high unemployment rate due to the pandemic could cause long term damage to the economy.
Some businesses may never be able to bounce back, and workers from these businesses could be jobless for an extended period. This will cause high levels of unpaid household debt. The result is an economy drowning in rising consumer debt and weaker demand.
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About Secure One Financial
Secure One Financial is a consulting firm-marketing lead generator and assists in finding fully accredited Lenders for consumers. Secure One Financial is not a lender, broker, Mortgage company or Attorney network.