San Diego, CA, April 18, 2020 (GLOBE NEWSWIRE) -- Jobless claims are soaring across the US. The reduction of economic activity due to the coronavirus has hit all sectors hard. Figures show almost 17 million new applications for unemployment benefits since the middle of March. The number of jobless is likely to rise in the coming weeks as officials struggle to flatten the curve.
This is a major problem for many households. According to a report by the Federal Reserve, about 39% of people would have difficulty covering a $400 unexpected expense with cash. That means they would have to borrow for that relatively small sum. Without jobs, more people will become reliant on credit.
Borrowers must tread carefully as their financial decisions today can have a massive effect on their futures. There are many financial businesses that may help you make them such as Beacon Management Services San Diego. They provide services that can help people rein in their debts and improve their financial standing. It is a difficult time for everyone but it is possible to get through this with a strong support group like the team at BMS.
This level of monitoring serves another purpose. Given the high incidence of identity theft, it is crucial for people to check their credit reports on a regular basis. If they see items bought that are unfamiliar, then they should investigate the matter and take the appropriate steps to stop the bleeding. These and other warning signs will be highlighted by the team at BMS. Authorities may also be able to trace the person who used the credit cards without permission. Protect your identity through rigorous examination with the help of highly experienced professionals. Maintain a good score in the midst of a financially challenging time.
Another way financial companies such as Beacon Management Services are able to help you is by providing 24/7 credit monitoring. If you frequently use credit cards, then this is a good platform to use. You will get the latest reports so that you can stay on top of any changes and make necessary adjustments accordingly. You will receive personalized information and guidance about the effects of each item on the report. This removes unpleasant surprises in the future as you can always rein in your expenses if you need to. The total credit card debt will never exceed your personal limits. You can plan ahead knowing how much wiggle room is available at all times.
Job loss can put lives on a tailspin. Without a steady source of income, families can lose their homes, cars, and other assets. They might go under mountains of debt just to make ends meet because of their existing obligations. The weight of this burden is hard to bear. However, people in this situation should not give in to despair. Climbing out of this debt may be difficult but it is possible. Much needed assistance can be obtained from family, friends, government agencies, and non-profit organizations. They can also seek the help of financial rehabilitation professionals like Beacon Management Services San Diego.
The road to rehabilitation will be different for everyone. Every situation is unique so the solutions must be tailored accordingly. Beacon Management Services listens to their clients to learn about their particular challenges and future goals. They will provide several options to solve current financial issues to give clients the ultimate choice based on their own preferences. They will explain relevant laws and regulations that can be used to the client's advantage. Vital documents will be prepared to acquire the desired benefits as soon as possible.
If you are having difficulties with unemployment and other financial problems due to the current pandemic, then consider seeking help from professional advisors. Beacon Management Services is a firm that provides excellent credit monitoring and financial rehabilitation services to individuals. The company has been around for seven years and enjoys an "A" rating from the Better Business Bureau. Contact BMS through email using info@beacon-ms.com or through phone at (855) 273-0573.