As the financial impact of the coronavirus pandemic continues to hit more Americans, helpful resources are emerging. Read the article below to know more about financial help during coronavirus pandemic.
How to get financial help during coronavirus pandemic
One of the fastest-growing fallouts of coronavirus is a spike in the unemployment rate in the U.S. Especially in the travel and hospitality industries, which have been hit hardest.
The first step to take
If you have been laid off, apply for unemployment immediately, according to ABC News chief economic correspondent Rebecca Jarvis.
You can find out whether you qualify for unemployment benefits by searching your state on the U.S. Department of Labor’s website.
Know that you might also qualify for Disaster Unemployment Assistance because President Donald Trump last Friday declared the coronavirus pandemic a national emergency.
Get home finances to build healthy personal finance habits
Father and daughter personal finance experts Dave Ramsey and Rachel Cruze joined “Good Morning America” to share some insights as unemployment numbers skyrocket and offered advice for savvy personal financial decisions during these uncertain days.
Don’t make financial moves based on fear
“Fear is a very top emotion right now for a lot of people, but you don’t want to make your decisions based on fear,” Cruze explained. “Fear is a terrible financial adviser. We make terrible decisions with our money when we’re panicked.”
Prioritize finances within your “four walls”
“Stop doing anything except your four walls. Take care of food first. Utility second. Your shelter — meaning your rent or mortgage — third. Food, shelter, clothing, transportation, and utilities,” Ramsey said. “If your credit gets dinged because you don’t pay some credit card, but you feed your family that was the right priority.”
“Call your cable company, insurance, cell phone, if you have subscriptions, cut those. You want to focus on your needs, not your wants,” Cruze added. “I always encourage people to budget. Be very, very intentional with every single dollar and where it’s going. Once you live on a budget and you’re intentional with every dollar, some people feel like they have a raise. So, you might find the extra cash you’ve been spending and didn’t realize it.” We are helping people with bad credit to buy a car loan.
Rule of thumb to pay the debt
Ramsey suggested that anyone dealing with layoffs or shutting down their business “would stop paying extra on anything and just pile up cash.”
“Just buckle down here, put the plywood on your house so to speak and go through the hurricane together,” he added, “and you’ll come out the other side of it.”
What to know about possible further government assistance?
The Treasury Department on Wednesday pitched the details of President Trump’s $1 trillion economic stimulus proposal to Congress, representing his top priorities for phase three of the federal government’s response to the coronavirus pandemic.
The proposal, obtained Wednesday by ABC News, would authorize two $250 billion rounds of direct payments to individual taxpayers, with the first payment issued beginning April 6. Another wave of payments would be distributed to taxpayers beginning May 18.
Start asking for financial help with bills
If you can’t afford a payment because you’ve been laid off due to the coronavirus, now is the time to start making phone calls, according to Jarvis. Be proactive and reach out to your various providers so you do not lose service or face high-interest rates. Many providers have said they’ll keep your service going. Your credit card company may be willing to waive fees and interest.
Let your landlord and more knowledge about your financial situation President Trump announced that the U.S. Department of Housing and Urban Development (HUD) is suspending all foreclosures and evictions through the end of April. “Shark Tank” star Barbara Corcoran recommends giving your landlord a heads-up that you are struggling financially, contacting your bank about mortgage payments, and reaching out to utility providers for relief.
Online Auto Loans
We all know how difficult it is to get loans, especially from banks. Despite the several adverts and announcements promising a healthy sum, you may end up receiving little or nothing at all, especially if you have a bad credit history or are unable to pay back their insanely high-interest rates. If you have been affected by this, do not worry. Car Loans of America are here to save the day! The beautiful thing is, you do not need to have a good credit score. Better still, you can apply for an online auto loan for car loans to reduce time and stress.