Some consumers won’t seek relief from creditors, but lenders often will negotiate with the view that it is better to get something than nothing
Consumer spending fell 7.5% in March, prompting further concerns about the impact of the coronavirus pandemic on the economy. Here’s why consumer spending is so important and how it can signal if the country is heading toward a recession. Photo: Getty ImagesAmid job losses, reduced income and other economic hardships caused by the pandemic, taking steps to protect one’s credit can be critical.
If a person’s credit score slips even a little, there can be serious short-term and long-term consequences, says Bruce McClary, vice president of communications for the National Foundation for Credit Counseling. The dangers include higher borrowing costs and difficulty obtaining future loans. Some companies even run credit checks on job applicants.
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