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.