Reality bites for bill payers as Covid help starts rolling back

Industry News | 26/06/20

For a moment there was a pause. A suspension of reality, a chance for those financially hit by the last few extraordinary months to step out of the hamster wheel and ask for help from those we owed money to. Those creditors were, almost without exception, extraordinarily accommodating, backed as they were by emergency funding measures, legislation and the all-seeing threat of a public relations catastrophe. If you needed a break from your mortgage, loans, credit cards, regular payments or even if you needed another loan, the chances are you could have one – quickly, easily and without the usual self-flagellation. You wouldn’t be chased or hounded for outstanding bills, there would be no loud and insistent knock on the door, you could take stock and regroup without fear.

Today marks three months since the beginning of lockdown, though, and that brief hiatus is winding down. If consumers aren’t quick to rev back up to speed on bills, financial responsibilities and life in general, they’ll be in trouble.

Source: The Independent