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Protecting your finances during the coronavirus outbreak will look different for everyone, but some universal tips may apply. Whether you are responsible for your personal finances or the finances of another person, the coronavirus may lead to unique challenges. Here are some tips can help you get through this difficult time.
Financial Impacts of the Coronavirus
Many businesses are closing around the country to prevent the spread of the coronavirus. Unfortunately, not all employers are able to provide paid leave for their workers or set up their employees to work remotely. In some cases, people are being temporarily laid off while businesses are forced to close. This can lead to a significant reduction in income which can have significant financial consequences.
As a result of the mass layoffs, the government is currently discussing a potential coronavirus stimulus bill which would offer enhanced unemployment benefits along with a one time payment.
The $1,200 payments would be available to all individual adults and married couples who made under a certain amount in the 2019 tax year.
Protecting Your Finances and Credit During the Outbreak
Generally, financial experts recommend protecting your finances by saving a few months of expenses so bills can be covered in case their income is compromised. Unfortunately, with low wages and high costs of living, this may not be possible.
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If you don’t have a safety net emergency fund, you may be able to contact your utility services to let them know about your situation. Many providers may offer deferred payments or may be able to set up a manageable payment plan.
Speaking with these companies and explaining the situation is important, as they can’t help you if you do not reach out.
A credit factor to think about is outstanding loan balances for mortgages, auto loans and student loans. Lenders may be able to work with you to determine a way to defer payments until after the outbreak is over. Other lenders may be able to set up a payment plan.
Additionally, it’s important for you to stay aware of your rights during this time of financial upheaval. You are protected by federal and state debt collection laws. Don’t let debt collectors take advantage of you in this global crisis.
As a last resort, consumers may want to look to their credit cards if they are overwhelmed with costs. Putting expenses on a credit card can be harmful to long term credit, but in cases where using the credit cards would ensure you get groceries or other essentials, the risk might be necessary.
In order to be proactive about protecting your finances and credit, you may want to watch your credit report.
This can help you stay aware of how your credit is affected by the coronavirus crisis. Additionally, reviewing your report can help you look for any errors which can be disputed to help your credit score.
Protecting The Finances of Others During the COVID-19 Pandemic
You may be responsible for the finances of an older adult or someone with disabilities. In these situations, the same rules apply. Even if you are unable to get in contact with these people in person, you can use phone calls and video chats to ensure payments are completed and families are up to date with the financial situation.
Don’t Be Taken Advantage Of During Coronavirus
Many consumers have already taken legal action against businesses due to concerns that they are being taken advantage of during this time of upheaval.
Early on in the pandemic, consumers took action against Germ-X. Plaintiffs in the Germ-X class action argued that the hand sanitizer products were falsely marketed as being able to kill viruses, such as the coronavirus. These representations allegedly took advantage of the public’s fear of the viral outbreak.
Amazon has also been the subject of a class action, after a Florida consumer accused the online retailer of charging “grossly unconscionable” prices for essentials such as toilet paper and hand sanitizer. Allegedly, charging these prices is illegal during a state of emergency, as was declared in Florida.
Some businesses and people, including televangelist Jim Bakker, have come under fire for selling fake “coronavirus cures.” The purported cures reportedly take advantage of the public fear of infection while relying on false claims. The FDA has reportedly sent a warning letter to Bakker over the issue and the New York Attorney General’s office sent the man a cease and desist order.
Join a Free Coronavirus Class Action Lawsuit Investigation
If you believe your rights were violated in a way that is directly related to the coronavirus pandemic, you may qualify to join this coronavirus class action lawsuit investigation.
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