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Survey: Pandemic Devastates Americans’ Finances

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FORT LAUDERDALE, Fla., Jan. 12, 2021 /PRNewswire/ — COVID-19 might have permanently changed how an entire generation thinks about spending, saving, and debt – and in ways that might offer a silver lining to a devastating pandemic, says Jean Chatzky, best-selling author and CEO of HerMoney.com.

HerMoney partnered with Debt.com and polled more than 1,000 working Americans about their financial habits as the pandemic dragged on into December. The results were surprising and profound:

While most Americans do not have an emergency fund, more than 8 in 10 of those who lost money due to the pandemic told HerMoney and Debt.com, “I now realize how important it is to save money for emergencies.” 

Credit card debt has long topped $1 trillion in this country and was trending up before the pandemic, but the survey shows nearly 1 in 5 people say, “I’m paying more attention to the interest rates on my credit cards.”

Nearly 1 out of 5 now rethink how they make large purchases, saying they’re more willing to buy used cars and other pre-owned big-ticket items.

A quarter of American adults have nothing saved for retirement, according to the U.S. Federal Reserve, but only around 15 percent of survey respondents reported, “I’m not ignoring retirement savings like I once did.”

Both Chatzky and Debt.com chairman Howard Dvorkin, CPA are surprised by the results and hopeful for a post-pandemic financial future. 

“I’ve spent the better part of my professional life convincing Americans to stop running up debts,” Chatzky says. “That’s a hard argument to make when times are good. Even the Great Recession had only a temporary effect on spending, but this time seems very, very different. Maybe this will prove to be the silver lining from this awful time.”

Other survey findings:

  • Over 34 percent of respondents lost at least a quarter of their household income
  • Of those who lost income, 94.6 percent cut their spending by at least 25 percent, while only 5 percent say they are still spending just as much as they did pre-pandemic.
  • Almost 30 percent admit to finally sticking to a budget, even though they had made a budget in the past and did not stick with it
  • Approximately 45 percent of respondents feel that President-Elect Biden will be good for their finances

For Dvorkin, the pandemic has made being a financial counselors both harder and easier. “It’s been tough hearing how hardworking Americans are struggling to make ends meet. These aren’t lazy people looking for a handout. These are Americans who want to work but can’t. Then again, I hear hope for the future in their voices – especially when they tell me, ‘Howard, now I get it. Never again will I forgo an emergency fund.’ If we can emerge from this pandemic with this profound psychological shift in our thinking about money, we might avoid a lot of pain in the future.”

About: HerMoney is a digital media company focused on improving the relationships women have with money. Started by personal finance expert Jean Chatzky, the mission of HerMoney is to level the playing field for financial security, confidence and power with content that is welcoming, thought-provoking, bold, unbiased and always smart.

About: Debt.com is the consumer website where people can find help with credit card debt, student loan debt, tax debt, credit repair, bankruptcy, and more. Debt.com works with vetted and certified providers that give the best advice and solutions for consumers ‘when life happens.’

SOURCE Debt.com

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Lafayette business receives cease and desist order for lack of credit repair bond

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LAFAYETTE, La. (KLFY) – A Better Business Bureau Serving Acadiana complaint and subsequent investigation led to the Louisiana Office of the Attorney General issuing a “cease and desist” order to Lafayette-based Virtuous Business Consulting and owner Jessica Chaisson.

The business was ordered to immediately stop performing credit repair services at their 1003 Louisiana Ave. location. Virtuous Business Consulting currently has an F rating with BBB.

The AG order settles allegations the business performed credit repair services without the required $100,000 surety bond as required by state law under the Louisiana Credit Repair Services Organizations Act. Under terms of the order, the business was required to immediately stop performing credit repair services as well as provide the names and contact information for anyone who used their credit repair service. The order was for settlement purposes only and should not be considered as an admission of guilt.

According to BBB records, the company received a complaint from a consumer, alleging the company accepted an advance fee for credit repair then never performed the service. The business did not respond to the consumer complaint.

BBB sent correspondence to the business on Nov. 4, 2020, requesting a brief description of the products or services offered, copies of marketing materials provided to their customers, copies of any service agreements provided to customers and a copy of the required surety bond but BBB didn’t received a response.

“Hearing from consumer experiences help us keep the public informed with situations such as these,” said Jillian Dickerson, BBB Serving Acadiana President and CEO.

According to the U.S. Credit Repair Organizations Act, “No credit repair organization may charge or receive any money or other valuable consideration for the performance of any service which the credit repair organization has agreed to perform for any consumer before such service is fully performed.”

When looking for credit repair services or debt relief, consider the following:

  • Understand the difference between credit repair services and debt relief. Credit repair companies repair credit reports for a fee; debt relief are typically programs that offer loans to consolidate debt.
  • Carefully research companies on BBB.org before agreeing to any services and make sure the company can help resolve the situation.
  • Before signing any contract, read and understand the terms and conditions, especially if it involves a loan.

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This 7-Figure Wealth Coach Has Helped Countless People Repair Their Credit During the Pandemic

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Coach Legend
This 7-Figure Wealth Coach Has Helped Countless People Repair Their Credit During the Pandemic

Coach Legend, as he is known, has been helping people struggling financially during the pandemic increase their credit scores and gain greater financial freedom. He has largely done so with the help of Instagram and Facebook. Through his genuine and authentic approach to social media marketing, Coach Legend has been able to help countless people turn their lives around.

What makes Coach Legend someone people turn to receive advice from is his authentic approach. For him, forging personal relationships is more important than making money. While it is definitely a nice perk of what he does, he isn not motivated by it.

Coach Legend’s primary motivation is helping others. It just so happens that he is great at relating with people and motivating them to improve their lives.

These days, this wealth coach is focused on helping with credit repair. That is because the pandemic cleaned out the accounts of many in 2020. With non-essential businesses closing across the country, many had been furloughed, have seen their hours reduced, or were simply let go. This led to financial hardships for millions of people.

Those who sought to buy homes and cars, or wanted to start their own businesses, came up against financial barriers. With a low credit score, it becomes incredibly challenging to get any sort of decent loan. Thankfully, Coach Legend knows what steps need to be taken to improve financial situations and credit scores.

Thanks to his helpful advice, countless people have been able to improve their credit scores and financial situations. His clients have been able to get the houses and cars they wanted, and are able to enjoy the financial freedom they thought was beyond them.

Coach Legend knows all too well how limiting it can be to work for someone else or be dependent on someone else for your livelihood. That is why he explored becoming an entrepreneur. He saw other mentors of his unlock financial abundance and sovereignty by becoming their own bosses. That is what he decided to do after learning everything he needed to know. It wasn’t long before Coach Legend was operating several different businesses.

By taking the entrepreneurial path, he was able to say goodbye to hard times and limits on what he could achieve. Becoming financially literate was also instrumental in him accessing the abundance that was waiting for him. Coach Legend now enthusiastically teaches others how to gain financial freedom as well, given his extensive experience with the steps needed to take to unlock it.

Social media has been a tremendous resource for Coach Legend, who has audiences on Instagram, Facebook, and YouTube. There, he dispenses sage advice and extends an invitation to anyone who is looking to improve their financial situation to receive advice and guidance from him.

You can watch some of Coach Legend’s keen insights when it comes to success and mindset by heading over to his Instagram Page.



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DENIED CREDIT?? Work to Repair | Announcements

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DENIED CREDIT?? Work to Repair Your Credit Report With The Trusted Leader in Credit Repair. Call Lexington Law for a Free credit report summary & credit repair consultation. 1-855-527-0217. John C. Heath, Attorney at Law, PLLC, dba Lexington Law Firm (LA-SCAN)

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