The coronavirus pandemic has supercharged the financial stress that already plagues many Americans -- about half of whom already lived paycheck to paycheck -- an expert says.
pandemic has supercharged the financial stress that already plagues many Americans, an expert says.
About half of Americans lived paycheck to paycheck before the pandemic, according to a recent survey from First National Bank of Omaha, and now many have lost their jobs.the majority of Americans feel is now on steroids, as most Americans did not have savings before this crisis hit," said Julie Kalkowski, executive director of the Financial Hope Collaborative at Creighton University in Omaha, Neb.
"Knowing that you are not in this alone is important to keep in mind as you move forward," she added. Kalkowski manages a School of Business program that educates people about the psychology of money, tracking expenses, saving for emergencies and repairing credit.Don't panic. Don't use credit cards or payday loans to deal with your debt. Their high interest rates can do long-term financial harm. Instead, seek out creative solutions such as contacting landlords, utilities and creditors to negotiate payment plans. And, don't ignore bills. Doing so can make a bad financial situation worse.Scams are proliferating right now. Thoroughly vet any offers by making additional calls and/or seeking out more information from trusted sources online.
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