Michigan mom among millions rethinking how to survive financially amid COVID-19 – WXYZ TV
- July 24, 2020
GreenPath’s President and CEO Kristen Holt is featured in a WXYZ TV Detroit segment about how to stay financially healthy during the pandemic crisis.
With the next round of financial relief options still up in the air with the HEROES act, many are still facing uncertainty when it comes to finances.
WXYZ TV Detroit shares a segment on how one Michigan mom is managing through the crisis.
As they note, when the pandemic first hit the economic impact was severe. With layoffs and furloughs, Â millions found themselves struggling to pay the rent or mortgage and buy food.
Now more than four months later, the virus is surging and the economic recovery seems unclear.
And now small business owners and workers have to rethink the recovery.
The $600 a week in CARES Act funding, a lifeline to millions of workers hit hard by the pandemic, is running out.
Insight from GreenPath
Kristen Holt is CEO of Greenpath Financial Wellness.
“There was a big swell in the beginning, especially around housing,” said Holt.
With the virus surging and states rolling back re-openings, Holt expects trouble for workers if Washington can’t pass another stimulus.
“As creditors start collecting again and start reaching out, you know to follow up on those unpaid bills,” said Holt. “I think we’re going to see more people needing help.”
Holt says mortgage companies are still offering some flexibility. But it’s getting tougher for renters and the leniency offered to credit card holders is ending too.
Holt says preparing for the economic stretch ahead will mean more belt-tightening for some families. It could mean going down to one car. For others, holding off on optional purchases. Even back to school items, until its clear what the school year will look like.
Experts say avoid tapping into a 401K. If finances are getting tight, it’s important to get help early.
“Sometimes people wait until they’ve exhausted all their options, and then they call us and we’re like ‘oh, we could have helped you tap into those options in a smarter way,'” said Holt.
Key Takeaways:
- CARES Act money is ending now.
- Find supplemental income if you can.
- Take additional steps to reduce expenses, even though it could be painful.
- Get help from nonprofits like Greenpath at the first sign
View the complete WXYZ TV feature here.Â
Hear the Whole Story
Michele’s full story is available to you via an informative podcast.
Click to listen to Michele in her own words in this edition of GreenPath’s podcast entitled “Feeling Optimistic in a Time of Challenge.”
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