June 6, 2023

Tricia Oak

Business & Finance Excellency

3 Ways to Solve Your Pandemic Debt Without Filing for Bankruptcy

According to Debt.org, filing for bankruptcy means you could lose valuable jewelry or appliances, even your car, if you can’t continue keeping up with the payments. If your employer somehow finds out, you might feel uncomfortable, and at the very least, your credit score will take a significant hit of at least 150 to 200 points. With that in mind, solving your pandemic debt has to be the goal. In the future, organizations like Priority Plus Financial will want you to consider taking these steps to overcome your debt.

1. Prioritize Health-Related Costs

For individuals with specific health needs and concerns, addressing the costs of medical supplies at once is key to handling pandemic-related expenses sooner rather than later. Whether at the beginning of the pandemic or towards the end when the nation began recovering, the problem occurs when consumers put their family’s health second, increasing the amount of money that’s needed to solve health problems later. According to a CNBC report, entertainment, electronics, and clothing were a few of the things Americans paid for during the 2020 pandemic. But if you prioritize health-related costs first, you can control the total amount of debt owed overall. Consider putting health care costs ahead of comfort-related expenses.

2. Total Costs of Pandemic Necessities

The costs of pandemic necessities include new credit card debt, the total amount spent on supplies and food, and doctor’s appointments for individuals at risk of catching COVID. The expenses will vary from family to family, but not knowing how much you’ve spent and owe will cause you to spend unwisely, paying for items and services that you don’t need when really you need to be on a shoestring budget. If you want to get free of pandemic debt fast, having a clear idea of what you’ve spent over the weeks and months will guide you toward making smarter decisions in the future. Changes must be made to keep your home, car, and possessions. Knowing how much you’ve spent and owe is essential to avoid filing for bankruptcy.

3. Consolidate Your Debt With A Personal Loan

One of the best financial decisions you can make is to consolidate your debt. And the best way to do that is to apply for a personal loan, and ideally, sometime in the near future. As long as you have a decent credit score, a personal loan gets you a lump sum payment at once. You’ll have the convenience of only having to pay one lender rather than multiple creditors. Life gets easier, interest rates get lower (compared to credit cards), and you’ll also have a little extra in your pocket to have enough to pay the loan back each month. Personal loans are paid back in monthly installments and can bring tremendous relief if you’re suffering from pandemic debt. Apply for a personal loan online or at your local bank branch near your home. You’ll surely see resources are available to help you.

Organizations like Priority Plus Financial have a goal: connect consumers with money to get them out of pandemic-related debt fast, so they can get back to their lives. Chances are, you’re one of those consumers, so consolidating your debt, tracking your spending, and figuring out what you owe is critical to financial security. Take these steps and you’ll solve your pandemic debt. Better to overcome your debt as soon as possible to live peacefully.