It’s been a year unlike any other. This video and infographic explore how we went from optimism to being thoroughly spooked by debt.
2020 Has Been A Scary Year for Debt It started with optimism, but the pandemic took a financial toll. As of January 2020, 74% of Americans said they will be better off financially in a year. https://news.gallup.com/poll/284264/record-high-optimism-personal-finances.aspx In the second quarter of 2020, total household debt decreased for the first time since 2014. https://www.newyorkfed.org/newsevents/news/research/2020/20200806 But then, COVID-19 scared the market… And the unemployment rate skyrocketed to 14.7%, the highest since the Great Depression. https://www.cidrap.umn.edu/news-perspective/2020/05/us-job-losses-due-covid-19-highest-great-depression In 2019, only 15% of workers worried about getting laid off. In 2020, 27% do. https://news.gallup.com/poll/312503/workers-worries-spike-amid-covid-economic-impact.aspx If you aren’t feeling good about your money, you’re not alone. But don’t worry. Here’s the best news: Consolidated Credit isn’t scared of your debt. You don’t have to be, either.
2020 turned into a scary year for debt…
Even though it started out well.
As of January 2020, 74% of Americans said they will be better off financially in a year.
In the second quarter of 2020, total household debt decreased for the first time since 2014.
But then, COVID-19 scared the market…
And the unemployment rate skyrocketed to 14.7%, the highest since the
Great Depression.
In 2019, only 15% of workers worried about getting laid off. In 2020, 27% do.
If you aren’t feeling good about your money, you’re not alone. But don’t worry. Here’s the best news:
Consolidated Credit isn’t scared of your debt. You don’t have to be, either.
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If you’ve been spooked by debt this year, we can help. Talk to a certified credit counselor today. |
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