Coronavirus and the Economic recession

The Covid19 has left many struggling to pay their bills on time. Here it has left many people in America out of a job and on to the streets. About 2.2 million people in America applied for benefits at the start of the pandemic. The streets are not kind to people and on the streets people can catch Covid 19, even though they say stay at home, people don’t have a place to go to. This has led to America’s rising rate of Covid.

In Australia, we have the same situation too. The lines at Centrelink were long. And with Melbourne’s harder lockdowns it is hard for people to pay their debts on time. Most companies offer some sort of a solution of you can’t pay on time such as paying installments.

During this time we looked up paying debt during Covid19 and it had 42,400,000 results. Most people pay it off on time if they can. But the Covid19 has left many people out of work and there’s fears that a long recession will come.

That we don’t know yet. The stock market crashed on the 20th of February and that was a good sign. Since then everything went downhill. CNN.net says “Yes we are in such one”. We don’t know how long it will go on for. The BBC says that we are facing a depression that is greater than the Great Depression.

What should people do now that we are in a recession?

Be frugal if you can. But don’t skimp out on your nutrition and meds. Make sure that you budget them in your weekly spend.

If you have earnt some gift cards during the pandemic then now is a good time to spend them on the things that you need.

Try to earn a little bit of extra money. That can be doing surveys and the like.

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