Coronavirus (Covid-19) is Causing a Financial Stress on Americans – Poll Shows
Part of America’s population is taking on additional debt in response to the Pandemic outbreak, Coronavirus. According to the Wall Street Journal, about 15% of Americans plan to or already have used credit cards and short term loans (known in the bankruptcy industry as Payday Loans) to pay for supplies to last them through these tough times. These hard working Americans are not sure if they can repay these debts, but they believe it is a necessity to have supplies.
An additional 17% of Americans within the survey by NORC U of C, plan to withdraw some of their savings to prepare for the shutdown policy we have in place currently.
Overall about 55% of people either bought or plan to purchase extra household goods and spend more than they normally do compared to their normal budgets.
Bankruptcy attorneys, what does this mean for you?
As time goes on and more people spend to ensure they have necessities for their families, debt will rise and savings will diminish. This is not only for people who transitioned to working from home jobs but also the thousands of people who were laid off of their jobs. You should be prepared to have another ‘ Busy Season’ as the year goes on. Not to mention, Tax Day was pushed back to July 15th so, many paying in full clients could be spread out past that date. This means, you need to have a process in place to take remote consultations, sign people up electronically, collect documents via system, and follow up with leads automatically as you adjust to your new home offices.
If you are struggling to adapt to this new age of technology, remoteness and need recommendations or want to learn more about how to quickly implement a new system that will not only optimize your firm, but keep you ahead of your competition.
Give us a call at 773-985-7556 or schedule a free strategy session here: http://firmoutcomes.wpengine.com/book-online/
