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Lack of Emergency Funds Causes Financial Stress for Many Families in the US

woman stressed holding baby looking at laptop

For millions of families and individuals in the US, financial stress just continues, despite plans for getting workers back into the office, kids back into school—and a grand reopening of the nation which seems to be continually chipped away at due to COVID variants. While the viral pandemic continues to make the future questionable in returning to a normal life in America, health and finances are the number one priority for most.

Previous to spring of 2020, there was already growing worry over data showing a large percentage of Americans living paycheck-to-paycheck, and with little access to emergency funds or savings; in fact, many could not even handle a problem resulting in a bill over a few hundred dollars. As tens of millions of individuals have lost their jobs since COVID erupted, finances and health have been a shaky matter overall—even in the face of a economy which may be recovering. For those who lost their jobs or are still unemployed, it could take years to recover.

Recent data shows that 37 percent of families would not have been able to handle an emergency expense of even $400—before COVID.

“When asked how the COVID-19 crisis affected their concern about their ability to make ends meet over the next 12 months, 27.7% of respondents in April 2020 indicated feeling significantly less secure than they did prior to the crisis,” states information from a study by Congressional Research Service.

“The income loss from the COVID-19 pandemic may impact the ability of some families to pay their loan obligations or other bills.”

If you have been affected due to illness, unemployment, and mounting bills, speak to a debt protection attorney as soon as possible to explore your options. This is even more important if you are currently being sued by a creditor or debt collection agency. Without any attention to growing financial problems—and especially a collection lawsuit you could find yourself at the mercy of the court with a default judgment granted against you. Even worse, you could find yourself at the mercy of an extremely aggressive creditor imbued with much greater power to see debts satisfied.

Once a default judgment is granted, you could find yourself dealing with wage garnishment (up to 25 percent of disposable income), levying of personal property, and loss of control over bank accounts too.

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 issuesbankruptcy, 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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