Protect Yourself Financially From The Impact of Coronavirus
The Coronavirus pandemic has impacted the word economy in unprecedented ways. It’s had huge effects on people’s finances, particularly those who work in retail, entertainment, restaurants, hospitality, travel, and education, to name a few. This is not to mention the effect the pandemic has had on the markets, fluctuating people’s 401(k)s and investments. The markets will rise again, as they have through other crises and recessions, but many are feeling the financial effects right now.
Here are some tips from the Consumer Financial Protection Bureau on how you can guard yourself against the financial effects of the COVID-19 pandemic:
Protect yourself if you can’t pay your bills.
If you are out of work, have reduced hours, or have experienced a loss of income in any way, it can be difficult to pay bills and meet financial obligations. THE CFPB recommends reaching out to your lenders and loan services to let them know your situation. They will likely be able to work with you on a new payment schedule, waive fees, extensions, or find other solutions to provide relief.
Protect yourself if you lose your job.
In addition, many companies have been forced to close temporarily, while others may permanently shut down. If you lose your job, and your income, contact your state unemployment office to apply for unemployment benefits or explore their various resources. Seniors may also qualify for government benefits. Visit the National Council on Aging’s benefitscheckup.org, which has links to state and local assistance.
Protect yourself from scammers.
Scammers have been out in full force to trick people out of their money in various ways to COVID-19. There are also fraudsters who will send texts or emails asking you to click a link for information on the virus. But the link spreads malware to your phone or device. Be cautious of emails, text, or social media posts that may be selling fake products or information about emerging coronavirus cases.