Headlines so far this week:
On Monday, the Tennessee Department of Health announced over 8,100 new cases of COVID-19 in a single day. Monday's 66 new deaths pushed the state death total over 5,000. (story here)
Meanwhile, a new study has found that due to the pandemic, over 60% of Americans say they're now living paycheck-to-paycheck. 63% say they've cut their spending as much as they can, and 49% say their economic problems are due to losing income at work. For those who HAVE been saving for a rainy day, 47% have already burned through their emergency savings, and 82% say they could not afford an unexpected $500 expense.
And to shake family budgets even further, COVID-19 day-care and school restrictions have hit child-care expenses like never before. Families with multiple children report that some expenses have TRIPLED during the pandemic. (story here)
To top it all, a new Gallup poll finds that Americans' mental health ratings are now at an all time low, with only 34% saying their mental health is 'excellent'...with women's self-evaluation falling double-digits since last year. (story here)
Combining all of these factors, with the upcoming Christmas holidays, a fragile business climate, and the uncertainty of what 2021 holds, has created a virtual whirlwind of emotional and economic turmoil. During all of this, most families are struggling.
Smart families are planning their next steps, including debt resolution or bankruptcy choices.
If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!
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