San Diego, California, Nov. 14, 2020 (GLOBE NEWSWIRE) -- According to a Federal Reserve survey published last year, almost 4 out of 5 US citizens felt burdened and stressed with financial issues. The four most common financial concerns for middle-class Americans were:
1. Having a hard time making ends meet and keeping up-to-date with one's monthly financial obligations.
2. Being unable to make any savings for the future. In fact, one startling fact revealed in the survey was that almost 20% of retiring persons had zero retirement savings!
3. Falling victim to poor investing and purchasing decisions.
4. Accumulation of too many debts. A Nerd Wallet report informs that in 2019, the average credit card debt in the US was over $7,000. Besides credit card debt, the biggest financial worries were related to paying off car loans, mortgages, and student loans. A majority of people surveyed in fact revealed that paying off their student loans is their chief financial worry.
So, we can clearly see that things were already pretty dismal even before the pandemic hit the nation. However, if things looked bad before, the changes in the economic landscape caused by the pandemic have pretty much made these issues spiral out of control---for the majority of middle-class Americans anyway.
Let's have a closer look at it. Many changes caused by covid-19 have exacerbated financial issues and worries for average American citizens. A huge number of people were handed salary cuts. The more unfortunate ones had lost their jobs and although some have been able to find new positions post easing of restrictions, they still had to settle for lower salaries than before.
And if people were finding it hard to make ends meet and were living mostly from one paycheck to next even before the pandemic, we can fairly imagine how much more challenging things have become now. A recent Money-Rates survey informs that the average household debt in the US has risen at an unprecedented rate in the last months. And in all likelihood, we are heading towards much more alarming times.
On top of that, another demographic that has been hit the hardest by the effects of the ongoing pandemic consists of retirees living off meager pensions and/or savings. As we know, the older populations of the country have been the most vulnerable to the Covid virus. Families, where one or more members tested positive, are actually reeling under huge medical bills and many elderly people have found their savings dwindle to almost nothing as a consequence of this.
In light of all this, it should be clear that there cannot be any immediate, cookie-cutter fashion solution to this huge societal problem as a whole. However, bad as they are, things can still be kept in control with good and proper financial management behavior.
This is where financial management services can be of help to people in severe financial distress. However, if one opts for help and guidance from these services, one needs to choose wisely and make an informed decision.
Unfortunately, there are not a few financial solution companies and services that do little more than devising an action plan for their clients and encouraging them to maintain healthy finance management behavior. Now, although the above are important, the clients will still benefit little if they are simply left on their own after a few training sessions on finance management concepts and the like.
In fact, this is the principal reason why many people are reluctant to seek guidance from financial and document management solutions even when they find themselves in dire financial circumstances.
Therefore, if you do decide to seek financial guidance, make sure to opt for a company that will not only devise a practicable financial plan for you to follow but will also work from their end to ease your financial burdens as much as possible.
To go by positive customer reviews, Elite DMS is one such company that truly helps their clients in gaining a better financial future. The experienced staff at Elite Document Management Solutions offers custom financial plans for each of their clients. The two main services of Elite DMS include Credit Monitoring and Financial Restoration.
And it is encouraging to know that with the latter program, the company does not stop at providing useful guidance and advice on proper financial behavior, right investment decisions, and the like. It actually employs loan rehabilitation specialists who personally work with different lending institutions to look for ways (read negotiations for debt consolidation, easier loan terms, loan forgiveness, deferment, etc.) to ease the current financial burden on their clients.
For more information on Elite DMS services, you may visit the company's official website at https://elitemgtsol.com/.