Despite millions of Americans still facing financial hardship due to coronavirus, congress continues to drag its feet on passing new stimulus measures. Meanwhile, President Trump signaled an unwillingness to support any additional stimulus measures until after the election. Partisan bickering and petty political squabbles keep families from getting the money they desperately need to put food on the table.
While it’s a story we’re sadly well familiar with, the ending has yet to be written. Many believe this time is different. People are not only fed up with the lack of government action, they’re increasingly determined to do something about the situation themselves.
Though that starts at the ballot box, it ends with taking personal responsibility. For some, that could mean getting involved in political activism. Others might see it as a rallying cry to advance their careers by going back to school. But for many, it’s a call to action regarding their personal finances.
The events of the past few months have made millions of people more aware of their financial situation. Many have realized how vulnerable they are to financial hardship, some learning it the hard way via layoffs and pay cuts. With little hope for any government assistance in the near future, these men and women are more determined than ever to do whatever they can to improve their finances going forward.
October 2020 could be a turning point in the number of men and women seeking debt relief assistance. For example, sites like SafePathAdvisors.com are expected to see an uptick in visitor activity starting this month. We might also see an increase in the number of individuals filing for bankruptcy. Tired of waiting for their government leaders to do something to help, millions of Americans in Georgia and elsewhere will do what it takes to regain control of their finances.
For many, going from financial frailty to financial security involves debt consolidation. Though not for everyone, funneling multiple monthly bills into a single payment serves to provide stability. Better yet, reduced interest means more room to tackle other bills and unexpected expenses. It could be the difference between making your car payment and having your vehicle repossessed.
With that said, debt management is only one aspect of achieving financial freedom. The ability to amass a reasonable amount of savings is another factor to consider. The same goes for assets like real estate.
Can you achieve positive net worth? That means your assets exceed your liabilities. If so, you’re in a much better position to manage a financial crisis in the future. It’s no surprise that getting to that point is the goal for most people searching for financial security.
Going forward, most Americans will come to realize how the divide between the have and have-nots is a matter of debt and net worth. If you can absorb a sudden financial blow, you’re going to be okay in the long run. Will an unexpected expense wreck your monthly budget? If so, you must find the way toward better financial security.