Amid this COVID-19 epidemic, health concerns are, of course, paramount. While “social distancing” and quarantines are crucial in slowing the spread of this virus, these measures are expected to have a significant financial impact on many individuals and businesses, due to a loss of income brought by being unable to work.
There are resources available for people who are experiencing financial hardships and uncertainties. For example, many lenders and service providers have begun to implement policies allowing consumers some leniency should you become unable to pay your bills. We encourage you to take advantage of these programs, as simply ignoring the bills or leaving them unpaid can negatively impact your credit score, which has ramifications which will far outlast this Coronavirus epidemic. There may also be resources available for people who can no longer work, due to their status as an individual at a higher risk of contracting the virus.
Finally, in times of emergency, the risk for succumbing to a financial scam increases, especially as scammers prey on the fear and concerns that so many of us are feeling. We encourage you to be aware of these scams, not only for yourselves, but for the sake of any vulnerable friends, family members, or neighbors.
Another growing concern pertains to social isolation and its impact on peoples’ mental health as a result of being quarantined in their homes. Check out
this article
for
more information about social isolation and its potential impacts on the population, especially among its more vulnerable members.
We are wishing you well during the next challenging weeks ahead. Please let us know if we can be of any service to you and your family.
