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How A Debt Relief Company Can Help If You’re Unemployed And Can’t Pay Bills

The effects of the COVID-19 pandemic are far-reaching, affecting millions worldwide with either illness or death. But even if you don’t get sick from the virus, you may be facing other very urgent situations: overwhelming debt and unpaid bills. A recent study found nearly half (47%) of all adults in the United States have credit card debt. This is as compared to the 43% that had credit card debt in early March when business shut-downs and stay-in-place orders began.[1] The bigger problem is that now, millions of Americans are unemployed and can’t pay bills, including their credit card bills. Now, more than ever, it may be time to seek help from a debt relief company.

Turning To Credit Cards If You Can’t Pay Your Bills

The average American family has less than $10,000 in savings.[2] As non-essential businesses have been closed across the country, families have been going through those savings at warp speed. Credit card spending has increased and that’s because Americans are paying for basic things like utilities on their credit cards.[3]

Even if you’re lucky enough to have some savings in the bank, the uncertainty about when you’ll have a consistent income stream is enough for you to utilize any remaining credit you may have to keep emergency cash on hand. It’s a vicious cycle of robbing yourself to keep yourself paid, and it brings tremendous stress when you think about what you’ll do if you can’t pay your bills.[4]

Skipping Payments If You Can’t Pay Bills: Not The Answer You Think It Is

When you’re unemployed and can’t pay your bills, you may feel overwhelmed and helpless. No money coming in means no money can go out, and you have to prioritize what gets paid and what doesn’t.

Many states have tried to soften the blow of being unemployed during the COVID-19 crisis with forgiveness for late payments on specific bills like your mortgage, your rent, and even some utilities.

That’s not necessarily the case with debt you’ve incurred with credit card companies. And because credit card companies have become an unfortunate lifeline for you to pay for food and other essential expenses, that debt continues to compound.

If you were already struggling with overwhelming credit card debt, you were barely able to meet minimum payments as it was. You’re now unemployed and can’t pay your bills, and skipping payments seems like the only option you have. The problem is that doing so can only make your financial situation worse in the long run. You may do incredible damage to your credit score as well as rack up late fees and overage charges. Skipping payments may also increase your interest rate, and you’ll just add up more debt that you can’t pay.

When you’re looking for help with your debt, it is crucial you turn to an accredited organization committed to helping you gain financial independence and make it through this trying time.

UmbrellaDEBT Relief: A Debt Relief Company That Cares

Debt relief comes in various forms and opportunities, but they’re not all created equal. When you’re unemployed and can’t pay bills, the debt relief company you turn to needs to be certified to help.

UmbrellaDEBT Relief has been helping people find their way out of overwhelming debt and find new lives of financial freedom for years. They do so by working directly with your creditors to negotiate debt settlement plans that meet your financial needs.

Debt settlement programs like UmbrellaDEBT Relief offer are typically the most affordable way to not only reduce your debt but to eliminate it and to become financially independent.

UmbrellaDEBT Relief debt negotiation teams have been working for decades to help consumers settle their debts and pay them off. The work they do to reduce the total amount you owe and work out affordable payment options is more important than it ever has been. UmbrellaDEBT Relief wants to help you get your financial life under control.

These days of stay-at-home orders and overwhelming unemployment are concerning, but you don’t have to walk through them alone. If your debt is keeping you up at night worrying about how you’re going to pay it, now is the time to turn to a debt relief company that genuinely cares about you and your future. Contact UmbrellaDEBT Relief today, and let us work together for your financial security.

 

Sources:

[1] https://www.creditcards.com/credit-card-news/coronavirus-spring-debt-poll/

[2] https://www.cnbc.com/2019/03/11/how-much-money-americans-have-in-their-savings-accounts-at-every-age.html

[3] https://www.wsfa.com/2020/05/07/more-americans-racking-up-credit-card-debt-during-covid-pandemic/

[4] https://www.nefe.org/press-room/polls/2020/survey-covid-19-crisisi-causing-financial-stress.aspx

 

 

Umbrella Debt Relief 1-844-389-6745
200 W. Palmetto Park Road Suite 200 Boca Raton FL 33432