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iCrowdNewswire Oct 31, 2020 3:37 AM ET

Memphis Associates Offer A Lifeline As Americans Await Financial Relief


iCrowd Newswire - Oct 31, 2020

The first stimulus package barely scratched the surface for struggling households across the nation. In a country where the average family is juggling more than $90,000 in debt, the cost of living increased by 2.3% in the past year, and only four states have a median rent of $1,000, receiving a check for $1200 plus $500 for every qualifying child was a mere dent in the mountain of debt most households face.

Sure, unemployment rates are declining, and more jobs become available each month. Yet, it does very little to fix the damage that temporary joblessness and pay cuts caused. For months, millions struggled to afford their rent, mortgage, utilities, and groceries. Even resources like eviction bans, mortgage forbearance, no utility shutoffs, and food banks only provide temporary relief.

That’s where financial companies like Memphis Associates comes in. Those struggling with credit cards, medical bills, personal loans, and other debts can work with financial experts to help them get things back on track. Through debt consolidation, clients that were once in over their heads have finally begun to see the light.

Get Rid of High-Interest Loans

As many people found themselves without a job amid the pandemic, credit became the only way to survive. They began using credit cards to cover bills and monthly expenses resulting in maxed out accounts and increased debt. Without the income to keep up with minimum balances, things quickly got out of hand.

Debt consolidation services remedied this problem by eliminating high-interest loans and credit lines and lumping them into one low-interest rate loan with affordable monthly payments.

Maximize Existing Budgets

In the wake of the pandemic, most households had to tighten their budgets to cover the bare necessities. Cooking at home, conserving water and energy, using coupons, and reducing entertainment costs are all effective strategies for maximizing your budget. When you’re dealing with thousands of dollars of debt, it’s often not enough.

With a debt relief service provider’s help, more people have found the extra cash to handle their monthly expenses. Lower interest rates and smaller monthly payments lighten the load allowing budgets to stretch further.

Boost Savings

If the national health crisis has taught us nothing, it’s the importance of having a little money tucked away for rainy days. While some work hard to build an emergency fund, others find their nest egg dwindling faster than they can replace it. Unfortunately, unemployment and tighter budgets make it hard to build financial protection.

Consolidating high-interest debts, however, makes saving a lot easier. Money that would have been spent on interest, late fees, and penalties can now be put into an account to accrue interest. Some have even gone as far as to invest the extra cash to increase their wealth.

Improved Mental Health

Financial trouble is one of the most significant stressors amid the pandemic. The daily pressures of trying to provide for themselves and loved ones while taking care of their financial obligations is overwhelming. There are increased reports of anxiety, depression, and burnout than ever before.

Debt consolidation may not get rid of the problem right away, but it provides a glimmer of hope when things seem hopeless. Approved applicants can reduce out of pocket expenses, maximize their budget, and increase their savings when it matters most.

Who knows how long it will be before the federal government can agree on a second stimulus package? In the meantime, American citizens fall deeper into debt as they struggle to provide for their families on smaller budgets and rising living costs. Realizing that it can take years to bounce back from this unforeseen circumstance, many are taking back their financial independence with the assistance of companies like Memphis Associates. If you or someone you know is facing financial hardship with nowhere else to turn, perhaps debt consolidation services could be the lifeline you were looking for.






iCrowdNewswire




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