Nearly seven months later and the nation continues to struggle with the financial pressures of the coronavirus pandemic. Though the national economy has started to see a positive change, millions of Americans are faced with financial hardships that could go on for years. From job losses and pay cuts to delays in unemployment benefits and failed negotiations for a second stimulus package, many Americans had no choice but to turn to credit cards. Though private organizations and government programs offered some relief, it paled in comparison to the growing amount of debt and limited resources to cover day to day expenses. Before long, personal debt skyrocketed, credit rankings plummeted, and Americans once again found themselves stuck in a financial rut wondering how they’ll make it through these uncertain times. This added financial pressure prompted many adults to implement debt management practices to get back on track. Budgeting Apps Realizing how budgets could help organize debts, save money, and reduce stress, many people began turning to budget apps to get back on track. Such applications allow them to synch their financial accounts to one platform to track money going in and coming out. They can add bills to calendars, set reminders for due dates, create spending limits, and even set up automatic debits to ensure they don’t miss a substantial expense. With a better handle on monthly expenses, more people have been able to eliminate the use of credit cards, saving them hundreds of dollars in interest, late fees, and penalties. The money they save is then used to significantly lower credit card balances for improved credit, better finances, and peace of mind. Credit Card Assistance Programs American citizens aren’t the only ones that have been financially impacted by the pandemic. Many creditors are also struggling to survive. They have developed programs designed to help those who are going through financial hardships amid the national health crisis. For example, American Express has offered to waive interest rates and late fees for eligible applicants during the pandemic. They also have a financial relief program that allows account holders to pay lower monthly payments until they’re back on their feet. Major financial institutions like Bank of America and Chase have offered eligible account holders the option to defer their payments for a predetermined period to give them a financial reprieve when they need it most. Debt Negotiation Those who aren’t eligible for credit card assistance programs but are still drowning in debt have used the art of negotiation to their advantage. By reaching out to credit card companies and explaining their current circumstances, many have been able to get their balance lowered through a debt settlement or repayment plan. At the very least, some were able to restructure their debts to make them easier to manage. Debt Consolidation American citizens unable to find relief through the above debt management practices turned to financial companies like Memphis Associates for assistance. With basic information like total credit card debt, household income, and payments, representatives can get approved customers a loan to pay off those high-interest-rate accounts. Borrowers can then repay the loan from the debt consolidation firm in affordable installments over the course of a few years. It immediately eliminates overwhelming balances, saves a ton of money, and makes managing debts more convenient. Using credit cards to cover the bare necessities such as housing, utilities, and groceries, is not ideal. Unfortunately, the rising cost of living and reduced household incomes backed millions of Americans into a corner where they felt they had no choice. As the nation waits to see how the upcoming election, coronavirus vaccines, and stimulus package will provide relief, many have decided to take matters into their own hands. With more disciplined financial management practices and resources like budgeting apps, credit card programs, and debt consolidation firms like Memphis Associates, they’ve started to see the light at the end of a long, dark tunnel.