5 steps to take to get out of financial hardship
Know your rights when in financial hardship
With the ongoing pandemic creating havoc in the lives of many households across the world, it’s more important than ever before to know what financial options you have.
But first, let us understand financial hardship. Financial hardship occurs when we are unable to pay or meet our existing obligations for a certain period of time. Now, let's look at some common events that can contribute to financial difficulty leading to hardship. These include certain injury or illness, unemployment, relationship separations, domestic and/or financial abuse, natural disaster, reduction in take-home income, gambling amongst others.
It’s a sad but true fact that almost 80% of American workers live paycheck to paycheck, with many households agreeing it would be hard for them to cover an unexpected $400 expense, according to CNBC. On top of this, losing a job or hours being cut can certainly exacerbate many of the people’s already precarious financial conditions.
