HUNTSVILLE, Ala. —
During the pandemic, most people have experienced some serious hits on their finances.
With all of the changes, closures and layoffs caused by COVID-19, many could find themselves trying to recover financially. The stress can start to add up.
The New York Times reports, after the 2008 recession, more people were seeking financial advice and therapy. And now, “money anxiety” is back on the rise.
A local credit advisor tells us now is the time to save in any way you can, create detailed budgets for your household, and avoid panic spending.
Milli Gunn, a certified Financial Educator with Credit 1 USA in Huntsville, says experiencing anxiety about your finances is normal. She tells our reporter that it's important to tackle one thing at a time, and to always try to continue to make payments on any debt you owe-- even if it's by making minimum payments.
Milli Gunn says, “The loss of employment, the changes in employment, the loss of income has been-- I want to say more than overwhelming. It’s been a cause of concern and anxiety. And unfortunately for some people, this is the norm.”
Consolidated Credit gives an important tip in a recent article. Experts say it’s always better to communicate with the companies you owe if you come across issues making regular payments.
Most credit card companies and lenders are encouraging customers to contact them with any issues during this time. Millie Gunn also mentions this to our reporter. She says, "You just have to communicate. Always reach out to them before they reach out to you and just explain your situation. There are people on the other end of the phone too!"
Gunn tells us, Credit 1 USA does weekly live streams called “Talk to me Tuesdays” where they give free financial advice during the pandemic.
These sessions stream on their Facebook page. You can find that link here.