As the vaccine becomes more available, the top concern among Americans is shifting away from COVID-19 and back to a more familiar stressor – money.
A new study found that 145 million Americans are worried about their finances and say they cannot afford another year like 2020. Concern about money problems shot up 15% over last year, according to WalletHub’s “Coronavirus Money Survey.”
When personal financial concerns rise, so too does interest in bankruptcy filings. Here’s what you should know…
America’s Top 6 Stressors
Americans ranked the top 6 things that are stressing them out the most for the WalletHub study:
- 30% of survey respondents said money problems are their top stressor
- 28% said they are most worried about COVID
- 14% are feeling the most pressure about their jobs
- 12% said their relationships are their primary source of stress
- 9% of survey respondents are most concerned about climate change
- 7% said they are most worried about terrorism and mass shootings
If Money is on Your Mind, You are Not Alone
Money problems are a difficult thing for most people to talk about. If it were solely a discussion of dollars and cents, that might be okay, but oftentimes people’s self-worth is tied to how well they can provide for themselves and their families. Without question, having money troubles can lead to feelings of embarrassment and failure.
Trust us when we say you are far from alone in whatever financial worries or problems you are having. We’ve helped a lot of clients declare bankruptcy and we understand how good, hard-working people can get into difficult financial situations.
In South Carolina, since COVID-19 touched down in March 2020, more than 1.6 million people lost employment income for themselves or in their households. Hundreds of thousands more South Carolinians said they expect to suffer a similar loss personally or in their households within the next four weeks.
What Are Your Financial Plans?
This is how Americans plan to respond to their money problems, according to the study:
- 71 million U.S. adults expect they will have trouble paying their credit card bills due to COVID’s economic impact
- 29 million Americans said they will apply for a new credit card this year
- 61% of survey respondents said they are saving more money now
In 2021, adults said they plan to spend less money on concerts, sports, movies, travel, bars, restaurants, social functions like parties and dating, public transportation, and Uber/Lyft/taxi rides.
In South Carolina, a weekly Census Bureau survey found that more than 750,000 residents took out a credit card loan over the course of 7 days and a little under 700,000 people said they took money out of their savings or sold assets to make ends meet. Another 280,000 said they borrowed money from family or friends within the last week.
We Can Help You Overcome Life’s Financial Challenges
Every year, hundreds of thousands of people file for personal bankruptcy protection. Many of them wound up in trouble due to no fault of their own: People get laid off, swindled into accepting predatory loans, get their identities stolen, wind up in medical debt, etc.
A lot of people think of bankruptcy as the end of their financial lives, but it’s more appropriate to call the process a lifesaver. Bankruptcy can give you a fresh start.
If you’re thinking about bankruptcy, we can help.
In South Carolina, Benjamin R. Matthews & Associates, LLC, has handled many Chapter 13 and Chapter 7 bankruptcy cases that relieved our clients of debt and financial stress without them having to give up their homes or cars.
For more than 30 years, attorney Ben Matthews has helped people in South Carolina get their lives back on track. Our law firm will guide you through the bankruptcy process, treating you with the respect and dignity you deserve.
Get the collectors off your back and contact us today to schedule a free initial consultation. We have two offices conveniently located in Columbia and Rock Hill, SC.