In March, Congress passed the CARES Act to help struggling Americans get through the COVID-19 pandemic. When President Donald Trump signed off on the legislation, millions believed the direct payments and other aid would propel them through the outbreak. Unfortunately, it became clear pretty quickly the coronavirus was going to stick around for a while.
Since then, many Americans have looked for ways to reduce their debt and take control of their financial future. Debt consolidation companies like Safe Path Advisors are helping them do that. Getting control of their finances puts them on a better path while they wait for Congress and President Trump to come to an agreement.
Stimulus or No?
The stimulus talks have been an ongoing drama in Washington, DC. In June, CNBC reported the majority of Americans wanted lawmakers to pass another bill, specifically one that provides direct payments to people. Months later, it seems as if representatives in Congress are even farther apart than they were back then.
Disagreements about how much aid to allocate for state and local governments have been roadblocks in the talks. Democratic lawmakers want more money, while Republicans feel as if localities need less funding. President Trump announced on October 6, that he was ending the negotiations because they’d been stalled for so long.
However, a few days later, the president said a “bigger deal” was coming. On October 9, the commander-in-chief floated a $1.8 trillion deal to try to get things moving along. That number is closer to a compromise than what’s previously been on the table, so it could be just what lawmakers needed to hear to get the show on the road.
In the meantime, people have to get their finances under control and figure out a path forward with or without Congress’s help.
There’s no doubt the pandemic has put a strain on many families. Before the deadly virus began spreading across the globe, American unemployment was at a 50-year low, the stock market was breaking records, and families were prospering just a decade after one of the worst recessions in history. The coronavirus changed all of that.
Suddenly, once financially stable families saw their debt piling up. For those who fell ill from the coronavirus, there were medical bills to contend with too. Now, jobs are starting to come back, but the damage is done; millions are suffering from financial uncertainty.
Some people turned to their high-interest credit cards for essential items like food, medicine, and even gas to get through the troublesome times. Paying the minimum on those bills means they’ll be saddled with debt for, in some cases, years to come. The truth is, families can’t be financially stable while carrying thousands of dollars in non-mortgage debt.
One of the ways people can make that easier to deal with is by consolidating their debt through companies like Safe Path Advisors. Taking out a loan to pay off the high-interest accounts makes paying the money they owe a lot more manageable.
Instead of having multiple payments across many accounts with different interest rates, people can use a loan, pay those debts off, and then just worry about one bill each month. Oftentimes, the interest rate is much lower, making it possible for them to get out from under debt quicker.
A Path to a More Secure Future
It’s possible Congress will have a bill before the end of the year. Lawmakers are working on it, and there could be a breakthrough tomorrow. While waiting for politicians in Washington, DC to figure it out, Safe Path Advisors can help Americans tackle their financial woes and get back on a smooth financial path.
Being saddled with high-interest debt isn’t ideal no matter what’s going on in the world; during a pandemic that is ravaging economies, that debt looms even larger. Fortunately, there are solutions even when Congress is moving slowly.
Brian Dan is just getting his feet wet as a tech reporter but has already had his work featured in many major publications including Tech Spot and Tech Crunch. In regards to academics, Brian earned a degree in business from Fordham University. Brian has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.