How is it that you find yourself drowning in debt? With hundreds of thousands of workers filing for unemployment benefits due to the COVID-19 pandemic, bankruptcy courts are looking at a record number of new cases. Do you have debt that is causing you to stress out at home and work? If so, you are not alone. Millions of consumers across the globe are in the same situation. To help your case, it is important to know what is going on in the credit restoration industry. Find out by reading the article below.
How The Trends Affect You
Every consumer should be aware of the current trends in the industry. Unfortunately, debt affects all consumers whether they are dealing with it directly or not. Maintaining a high credit score is extremely difficult if not impossible during the coronavirus 2019 pandemic. Surely, you are feeling the effects of the pandemic, just like millions of others. Just about a month ago, millions of Americans received pink slips, forcing them to file for unemployment benefits, which many are yet to receive.
By knowing the current trends, you will be able to protect yourself better if ever you are impacted by job loss.
Industry Reporting Profits
Many consumers do not give much thought to where their next dime will come from. They just keep spending oblivious to what is going on in the credit repair industry. As more and more workers are dealing with job loss, the companies in this industry are reporting profits. One study revealed that the industry was worth around $3.0 billion in 2019. When you think about the number of consumers that are utilizing these services, it should not be a big surprise.
Before the COVID-19 pandemic struck North American, the U.S. economy was thriving. Employees were receiving increases in wages and the new unemployment cases were dropping. Every day, the mainstream media was boasting about how well the American economy was doing. Unfortunately, that is no longer the case.
In the past month, it seems that the industry is gaining traction since the 2005 housing market crash. Before, consumers were spending their money freely, leaving industry companies questioning their futures. Now, it looks like these companies have nothing to worry about. In fact, the industry will only continue to strengthen.
Free Credit Reports
Unfortunately, the crash of the economy along with the COVID-19 virus has made many individuals take a hard look at their credit. These two things have opened a lot of people’s eyes to just how important credit is. Not only are a lot of people now out of work thanks to the virus, but they are out of cash. And, the only way to get more is by getting a loan. These days, the only way to get a loan is to know your credit score.
This is something that can be learned from your credit report. Not only this but pulling a credit report is one of the best and most efficient ways to identify errors in your credit history. There are probably more than you’d think in there and they do hurt your credit. Aside from all that, this is probably why pulling credit reports is one of the biggest trends of the year. The only problem is that most people aren’t taking advantage of the free credit report.
Author bio: John Michelson is a professional writer, editor and internet marketing specialist. He is passionate about writing the news which is covered in all aspects.
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