From the spring of 2020 came a host of trials and tribulations for humans around the world, to say the least. With concerns about the spreading pandemic as it was just advancing slowly, few could have imagined what was ahead, not only in terms of health, but finances too.
COVID-19 has affected nearly everyone in some way. No matter what your financial standing, race, country, or political stance is, COVID-19 doesn’t care. Tens of millions of people lost their jobs spanning a wide range of careers—including younger people who had just gotten their first jobs, only to be let go—and older workers who may have worked in careers for decades, lost their jobs and were then displaced for good due to unfortunate ageism present in so many industries today.
Amidst layoffs and unemployment, restrictions, shutdowns, and lockdowns, debt issues have been at the forefront of the nation’s concerns, beginning almost immediately with student loan debt. And while the government intention was to lighten the load for student loan borrowers, that was not the case for private student loan borrowers who were completely left out in the cold. Not only that, many federal student loan borrowers were not eligible for the deferments either as they only applied to those whose loans were actually owned by the government.
Recent news showed that there was $140 billion in medical bills left unpaid before COVID.
“…. researchers found that, between 2009 and 2020, unpaid medical bills became the largest source of debt that Americans owe collections agencies,” stated a recent article.
Once again, ethnicities were hardest hit. Recent news makes the point that Black and Hispanic individuals are less likely to have health care. Along with that, those who were hardest hit by the virus are the most likely to be dealing with the stress of escalating medical bills.
“Adults aged 19 to 64 who contracted the virus, lost income or lost their job-based health insurance coverage also reported higher rates of problems with medical bills and debt than people not affected by the pandemic in these way,” stated information from a recent article by U.S. News.
Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851 or email us at info@debtorprotectors.com.