Americans Expect COVID-19 Greatly impact on Their Finances

  • Survey reveals that 41% believe that the coronavirus will have a significant impact on the financial health of six months
  • 41% believe that the U.S. economy is in recession
  • Nearly half are worried about providing food, expect to miss bill payments

Forty-one percent of Americans believe COVID-19 highly impact on their financial situation six months from now, according to a new survey by the debt settlement company Freedom Debt Relief and Atomik Research. Thirty-nine percent said the impact would be moderate and 15% expecting a small impact.

“What we found is that Americans are reporting a significant change in their financial situation since the beginning of the COVID-19 pandemic in the country. Even those who have not yet experienced the effects are to anticipate a negative impact on their personal finances and the U.S. economy moving forward,” said the report. Forty-one percent of those polled think we are in a recession right now, while 37% think that we will enter a recession within a period of six months.

Read more: How the $ 2 Billion Stimulus Affects You

Source: Freedom Debt Relief.

The responses also revealed that Americans are worried about meeting basic expenses now. Fifty-six percent said that they fear that they may be able to afford to feed themselves and their families and 45% have difficulty in making rent or mortgage payments. Sixty percent said the part of the government’s stimulus checks to go toward groceries and 48% said some would be used to pay for public services. Thirty-eight percent have less than $500 in savings and chequing (excluding retirement accounts). As for the next six months, nearly half expect to miss payments on some bills, and 41% expect to sell some of its assets.

Source: Freedom Debt Relief.

U.S. weekly job claims hit a record of $ 6.6 million for the week ended March 28, as more and more states issued stay-at-home orders and businesses were forced to close. The St. Louis Fed estimates that unemployment could increase to 32.1% of the 47 million Americans lose jobs.</>

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