Top government and news sources report that the nation’s unemployment rates are declining despite the pandemic. In fact, the Bureau of Labor Statistics states that millions of jobs are being added to the market each month. Though this is good news for a hard-hit economy, it fails to report that millions of Americans are still struggling to survive these uncertain times.
Across the nation, people are succumbing to the emotional overwhelm of the coronavirus pandemic. After several months without a job, working fewer hours, or adjusting to a single-income household, bills piled up, savings accounts were exhausted, credit card balances accumulated, and debt got out of control. Keeping up with the rising costs of utilities, food, and other necessities, has also been a chore.
Realizing that waiting on the government for relief could take months, people are starting to take matters into their own hands. Financial service providers like Memphis Associates have worked tirelessly to educate and assist their clients in finding peace of mind.
When solutions to handle debt like increasing your income, selling your belongings, or using extra funds to pay down your debt don’t work, debt consolidation has proven effective. Financial experts go to bat to lighten the load for their clients.
A finance company assists people by negotiating with creditors. As most creditors understand the current climate (and are likely struggling themselves), they’re inclined to work with otherwise loyal customers to find resolve.
Companies like Memphis Associates negotiate on behalf of their clients to dramatically reduce and restructure their debts, making them more affordable. Creditors are often willing to reduce the principal amount, lower interest rates, or extend credit terms to get the debt settled amicably.
The average American is worried about how they’ll keep putting food on the table amid the pandemic. The pressures of keeping up with high-interest credit cards, personal loans, medical bills, and other debts are more than they can bear. Debt consolidation loans, however, make managing the day to day easier.
When working with debt relief companies, consumers can essentially combine their high-interest loans into one low-interest rate loan. This debt relief practice saves hundreds, if not thousands of dollars a month.
No more trying to keep up with multiple accounts, varying due dates, and balances. When you consolidate your debts into one, there’s only one account you need to keep up with. Since the payment is often lower than you’re used to, it’s easier to incorporate into your budget.
When your financial obligations are more than your income, saving every penny is crucial. Those who took advantage of debt consolidation loans have been able to stretch their budgets further. With a lower interest rate and low monthly payment, the money they save can be used to afford the things they need.
Taking out a debt consolidation loan has helped many Americans to improve their credit history. As they continue to pay down their loan, these payments are recorded by the three major credit bureaus. Within a few months, timely payments, smaller principal balances, and a lower debt to income ratio helps credit scores improve significantly.
Keeping track of one payment, saving money to spend on necessities, and improving your credit history equate to reduced financial stress. When you’ve gotten your finances under control, it leaves room to focus on the present and provide a better future for your family.
As the country awaits a stimulus package, a presidential election, and a vaccine for the coronavirus, the financial, physical, and psychological pressures continue to mount. Though the future is uncertain, securing your finances can provide some relief. From negotiating with creditors and providing loans to consolidate debt, financial companies like Memphis Associates are doing what they can to help Americans weather this chaotic storm.