Debt in Times of COVID-19!

The self-isolation is imposed over most of the civilized nations of the world. It is tempting that one must be getting into depression and cabin fever when stuck inside for so long with limited means of entertainment and joy. The outside world s blooming and most of us are stuck inside, waiting for the all-clear signal. The situation certainly sounds dreadful but there is a way it can be even more dreadful. It is common knowledge that alone and idle mind is the devil’s workshop. You might not believe in the devil, but the biggest material devil in this world is debt.

Long term debt is scary and it seems like a mountain that grows taller every time you look at it.  You are probably not wrong, your debt is increasing every day. COVID-19 has exponentially raised expenses and started consuming savings. Many people have been laid off from their jobs. To ensure bare bones survival, people are forced to tap into their hard-earned savings to gather rations for multiple weeks at a time. This is because of the enforced lockdown which shows no sign of being letting up anytime soon.

The worst thing to do at this time would be to exacerbate your credit card and payday loans. Shopping for non-essentials is great therapy in normal circumstances when you have a steady income and enough savings to fall back. Don’t go on an online shopping binge during COVID-19. We also suggest getting only the necessary grocery items instead of many snacks and trimmings you will never consume. This is the only way you can control your debt and stop it from skyrocketing during this crisis.

Yes, we know that many retail companies are offering outrageous discounts and the loan companies are also offering discounted interest rates and delayed payments. All of this sounds like a dream bargain. But if it isn’t free, give it up. Sooner or later you will have to pay for it. Use cash and not credit. Survive this crisis smartly with advice from our financial experts.

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