Debt & Collection Lawsuits: Lower Income Americans Still Most Stressed

hand in a money jar

Debt was an enormous concern prior to COVID-19, so it should come as no surprise to anyone that millions of Americans are even more stressed out about money now. With consumer and household debt already at historical highs at the end of 2019, and the cumulative student loan debt hovering at $1.64 trillion, far too many people were already living paycheck to paycheck with little to no funds stashed away to cover any type of real emergency.

As unemployment struck abruptly, and harshly, workers on every level were left financially devastated. And while many federal student loans were deferred and creditors and debt collection agencies were hushed for months on end, plenty of US citizens wondered where to turn with financial responsibilities looming but no way to take care of them.

Now, more jobs are becoming available again, but lower-income Americans are still being hit the hardest. Recent news shows too that they still see repercussions from the pandemic as standing in the way of financial goals for the future.

“About six-in-ten non-retired adults in this group (58%) say that, in the long run, the pandemic will make it harder for them to achieve these goals, including a quarter who say it will make it a lot harder. Half of those with middle incomes and 41% with upper incomes say the pandemic will make it harder for them to reach their financial goals in the long run,” states a recent study.

“Long-term assessments are especially grim among those who say their finances have taken a hit in the last year. Fully three-quarters of non-retired adults who say their financial situation is now worse than it was a year ago believe the economic impact of the coronavirus outbreak will make it harder for them to achieve their financial goals in the long run. That’s in contrast to 35% of those who say their financial situation is better compared with a year ago and 50% of those who say it is about the same.”

Speak with an experienced debt protection attorney as soon as possible if you are concerned about escalating debt, and want to find your way back to financial freedom. If you are being sued, it is critical to your financial health that you speak with an attorney about responding to the lawsuit and creating a defense.

Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at info@debtorprotectors.com.

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