Simply put – one of the worst years in modern times, 2020, has just come to an end. While the holiday season provided some relief to the ongoing stress that has enveloped the globe since March, as it always does, the Holidays also increased stress, especially that of a financial nature, for many. Alleviating financial stress after the holidays is always a daunting, challenging task.
A Credit Karma survey indicates the following interesting facts about Americans during the 2020 holiday season:
*More than half (54%) of Americans felt more financially stressed about the holidays than they did a year ago. As a result, many adjusted their holiday traditions.
*One-third (34%) of those polled felt negative about the holidays this year, and 15% felt neutral.
*Of the respondents who claimed to have negative feelings, roughly half (52%) said they’re feeling pessimistic because they’re concerned about their financial situation.
*47% of respondents said their negative feelings were a result of the necessity to modify celebrations or traditions because of COVID-19.
*More than a third (34%) of those surveyed felt like they were financially unprepared for the holidays.
*The good news: 50% of survey respondents reported feeling hopeful, excited, grateful, or happy about the holidays.
One component of an effective financial plan going forward in 2021 is to start planning a budget as soon as possible after the holidays. Avoid incurring new debt if possible. If not, try to finance such debt at the lowest cost possible. Avoid high-interest credit cards and consider a personal loan from a friend or family member. It is also beneficial to set financial goals and expectations for 2021.
The challenges that all Americans are currently facing are unimaginable. As we face an economic downturn, social isolation, and limited access to services, we must also deal with our reduced control over our circumstances. However, bankruptcy remains a viable, effective answer to overcoming the current financial burdens caused by the pandemic that many Americans are facing. The experienced attorneys at the Morrison Law Group are adept at making the lives of bankruptcy debtors easier by handling all the important and complicated aspects of a bankruptcy case.
The Morrison Law Group strives for complete client satisfaction with the services that we provide throughout a client’s bankruptcy case, as well as the ongoing services that we provide post-bankruptcy. Not all Utah Bankruptcy attorneys can make this statement, but the Morrison Law Group is not like other Utah bankruptcy law firms. We can help if you are facing possible foreclosure or just a few months behind on your mortgage payments. Call 801.456.9933 today to schedule a FREE consultation. We have locations in Ogden, Logan, Sandy, and St. George to serve the residents of the counties of Weber, Cache, Salt Lake, Utah, Morgan, Davis, Washington, and surrounding areas.