Pandemics have come and gone, but none have been as crippling as what we are witnessing today. COVID-19 quickly spread around the world, causing fear and panic. It has claimed more than a million lives around the world for almost a year since its discovery. Governments at all levels have struggled to cope with this public health crisis.
Many resorted to home orders, store closures, roadblocks, ground flights, and other measures to slow the rate of infection. All of this was seen as a painful but necessary sacrifice to prevent a stream of deaths. The economic toll, however, was immense.
In a survey published by the NPR last September, almost half of those surveyed had financial difficulties due to job loss, reduced wages or shorter working hours. The survey was conducted among residents of Chicago, Houston, New York, and Los Angeles. Of these major US cities, households in Houston reported the highest percentage of serious financial problems at 63% overall.
A deeper dive reveals that it was much worse for some with 77% Latinos and 81% Blacks in the city. As expected, those with low incomes here of $ 30,000 or less suffered the most at 86%.
When it comes to savings, the picture was never rosy at first. Few people have significant emergency funds to cover unexpected expenses. Many live from paycheck to paycheck. Much more are in debt.
Thus, the coronavirus outbreak only made a bad situation worse. Federal support programs managed to keep individuals and businesses afloat for a while during the initial chaos. If no money came in, they could count on the government check to get through. However, these programs cannot continue forever. When they expired, people who depended on them struggled to pay rents and utility bills.
The economic damage was caused the moment the shutdowns took effect. The National Emergency Relief Act was precisely enacted to minimize the damage and help people get through these troubled times. However, trillions of dollars from the government were not enough to help all those in need.
New grants may be on the way, but all the loopholes are unlikely to be closed. Too many households are suffering and there is never enough money on the table. Furthermore, not all are eligible for assistance for one reason or another. This is where private institutions come into play.
Various services are available for those who are on the verge of breaking because of their financial difficulties. Every situation is unique, so each individual must find a service that suits their needs and delivers the expected results.
For example, financial rehabilitation can be a long and difficult journey. Those who are drowning in debt may find it impossible to repay their loans due to their reduced work status. You may earn less or nothing at all because all companies are closing their doors. Financial professionals can help these individuals pay their dues and get back on track.
Elite Document Management Solutions is one of the leading names in the field. They understand how debilitating it can be to have no way of paying your debt when collectors knock on the door. They can suggest different solutions and explain the advantages and disadvantages of each solution.
They will do everything possible to help their clients get a favorable outcome that will relieve them of stress and propel them towards financial stability. Elite DMS can also perform credit monitoring to ensure that this number is slowly but surely increasing.