Americans foresee issues in payment of credit card bills during Coronavirus situation

As businesses and offices across the country take extreme measures in the wake of the COVID-19 outbreak, around 67 millions of Americans are worried about making their ends meet. As per a recent survey by WalletHub, around 67 million Americans foresee trouble and worries clearing their credit card bills because of the Coronavirus situation.

With the virus spreading across the country, the city leaders in several American states have implemented strict policies and rules regarding public gatherings. This resulted in many businesses been forced to lay off their employees as they shift and modify their business strategies. As per the survey, Coronavirus tops the list of things and situations that stresses Americans the most at present, followed by financial worries.

‘We’ve seen a lot of panic buying as a result of the Coronavirus, with people purchasing things like toilet paper en masse, largely because they don’t know what else to do. Furthermore, 94 million Americans have canceled or plan to cancel travel plans due to the Coronavirus,’ said WalletHub analyst Jill Gonzalez. ‘Less apparent, however, is the panic saving that people are engaged in right now. Around 158 million Americans, or roughly 63% of adults, say they are saving more, as opposed to buying more, as a result of this crisis. If there’s a bright side to all of this, people saving more money than usual might just be it.’

WalletHub-Study-Credit-Card-Payments

However, there is good news for Americans who are concerned about credit card debts. Many credit card companies are looking forward to providing relief to Americans affected by the Coronavirus situation. The consumers are encouraged to see the credit card’s website as many people have already issued statements about waiving off the fees or lowering interest rates on debts.

‘Credit card companies should give relief to affected customers, just like they’ve done during major natural disasters in recent years,’ stated WalletHub CEO Odysseas Papadimitriou. ‘Roughly 67 million Americans anticipate having trouble paying their credit card bills because of the Coronavirus. Their struggles could easily ripple through the economy if left unaddressed, especially considering the more than $1 trillion in credit card debt currently owed by U.S. consumers.’

Avatar
Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

Mercedes unveils EQS electric sedan to rival Tesla’s models

Mercedes unveils EQS electric sedan to rival Tesla’s models

Mercedes-Benz has unveiled a battery-powered luxury car as part of the brand’s flagship S-Class saloon, designed to compete with Tesla. The 2022 Mercedes-Benz EQS is set to relea
1 day ago
Major US banks report surge in profits for the quarter

Major US banks report surge in profits for the quarter

Three major US banks —JPMorgan Chase & Co., Wells Fargo & Co. and Goldman Sachs Group Inc.—reported earnings results for the first quarter of 2021.
1 day ago
Bitcoin Price surges above $63,000 ahead of Coinbase IPO

Bitcoin Price surges above $63,000 ahead of Coinbase IPO

Bitcoin price has once again soared over $63,000 USD as the cryptocurrency market braces for the upcoming Coinbase IPO. The San Francisco-based cryptocurrency exchange platform, wh
1 day ago
Global ETFs reach a new record of $359.2bn in 3 months of ’21

Global ETFs reach a new record of $359.2bn in 3 months of ’21

Global economy recovery is well on its path going by the money being put in the exchange traded funds, especially in the last quarter. A trillion dollars has entered the traded fun
2 days ago
AppLovin gaming app goes public, valued at $28.6 billion

AppLovin gaming app goes public, valued at $28.6 billion

AppLovin Corp, the Palo Alto, California-based mobile app and gaming company, has priced its initial public offering at $80, which puts the company’s valuation at $28.64 billion.
2 days ago
JPMorgan earnings beat forecasts amid strengthening US economy

JPMorgan earnings beat forecasts amid strengthening US economy

JPMorgan Chase, the largest bank in America by assets reported favorable results on Wednesday, beating analysts’ estimates on trading revenue. It is the first major bank to repor
3 days ago