Directly from the financial and analytics website WalletHub, a study reveals the grim reality of our nation's ailing state of health. With a disconcerting unemployment rate of over eight percent and a handful of industries in their death throes, the virulence of COVID-19 has brought far too many jobs and professions to a grinding halt—not just across the nation, but especially in our home state of Louisiana.
To give an example using statistics as reported by WalletHub, our state ranks a painful third place on a scale where 25 is the average for detrimental changes in financial accounts. In other words, Louisiana has had a massive number of people who are considered in distress by the criteria of financial accounts either in forbearance or outright declaration of bankruptcy. Credit scores are also largely in jeopardy, though WalletHub offers options for those concerned, such as making it a point to converse with your creditor about relief options akin to payment deferrals that can stanch the financial bleeding.
For a brief but focused summary of the statistics discussed in the article thus far, WalletHub has provided a video doing just that, available through the link at the end of this article. As for official relief, WalletHub agrees with the sentiment that our country desperately needs another care package. As many know, though, a simple cash injection will not solve long-term issues. We need more nuanced benefits, such as unemployment checks extending until the crisis is largely passed. Prospects are, frankly, quite harsh for Americans, and especially for Louisiana residents. Federal aid has been fairly scarce, and with no tangible end to this nightmare on the horizon, it is best we batten down the hatches and prepare to endure further trials.
To view the summary video from WalletHub, click HERE.
Visit wallethub.com to see the full report.