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Georgians Find Debt Relief During The Pandemic From a Variety of Sources, Including Memphis Associates

iCrowdNewswire   Oct 31, 2020  3:34 AM ET

The pandemic quickly became more than just a national health crisis. As Georgia’s small business owners temporarily closed their doors, shortened their staff, reduced operating hours, and eliminated bonuses and salary increases, residents found themselves strapped for cash. Waiting for stimulus packages, unemployment benefits, and approval from other private and government programs resulted in many racking up credit card debt.

Using credit cards to pay rent, mortgage, utilities, and groceries works for a while – until it doesn’t. Limits are reached, interest rates accrue, minimum payments increase, payments fall behind, and the debt piles on. With little to no money to take care of the rising debt, it wasn’t long before most people were in over their heads.

This overwhelming financial stress prompted many to learn how debt relief works and take advantage of it. Here’s a look at how Georgians are regaining their confidence through debt management practices.

Working With Creditors

When you don’t have the money to pay the bills, ignoring calls from creditors seems like the right thing to do. On the contrary, neglecting financial obligations only leads to more trouble. Many residents have started taking control of their money matters by facing their problems head-on.

Contacting creditors lead to financial solutions they couldn’t have discovered otherwise. Depending on the service provider, customers could receive a massive break in interest rates, late fees, and penalties. Others were able to negotiate smaller monthly payments or settlement amounts that allow them to pay debts down faster.

Starting a Side Hustle

Some of the best innovations are created in times of adversity. In the wake of the pandemic, many Georgians have tapped into their educational and professional backgrounds to generate more money. These days, there’s no shortage of ways to earn money on the side.

Keeping their day jobs, some people began investing their time, money, and resources into side businesses to pay down their debts. From becoming a rideshare driver to delivering groceries and packages, more Americans are jumping at the opportunity to earn more during their downtime. This money can then be used to bridge the gap in their household budgets while giving them more cash to slash their debts.

Getting Rid of Clutter

For those that don’t have the time to invest in a side hustle, financial relief came in the form of getting rid of clutter. Believe it or not, there are plenty of things in and around your house that you no longer use that others would pay a pretty penny for.

Going from room to room getting rid of things they don’t need, residents have had yard sales, created ads in the classifieds, and started accounts on eCommerce platforms to sell their belongings. Depending on the quality of items offered, proceeds from these sales generated hundreds, if not thousands of dollars for debt repayment.

Debt Consolidation

When the debt relief solutions discussed above weren’t enough to reduce the financial pressures, some people turned to companies like Memphis Associates for help. A consolidation loan stopped the juggling act, reduced interest rates, increased savings, and provided an affordable way to climb out of debt.

With only one loan to worry about, clients could breathe easy. Payments were smaller and more comfortable to pay on time. Timely payments led to improved ratings on credit reports. Applying more money to the principal balance meant debts got paid off faster. Not to mention, the money saved could be used to support families in the wake of the economic crisis.

The past year hasn’t been good for anyone. The coronavirus pandemic not only threatened the physical and emotional health of American citizens, but it shattered the already weakened financial foundations of millions. Even as unemployment rates decline and the economy gets a boost, many don’t know how long they’ll have a home with lights, water, and a fully-stocked fridge. Fortunately, several debt relief practices, including debt consolidation, help get things back on track.


Tags:    Content Marketing, English