Major Economic Disruptors: The Impact on Credit

The Covid 19 virus came into our lexicon late 2019 and the beginning of 2020. All indications are that it started in Wuhan, China and spread death, destruction, and devastation in its path. There are plenty of people to talk about how we get out of this problem medically and how long it will take. Personally, I am medically compromised and will not going too many places until I received the vaccine. From what I am told, this should happen approximately in 2021.

The Covid 19 virus has the potential to destroy much in the way we  do business. Credit scores will drop, and debt collection efforts will go up and large  financial institutions will change their criteria for determining who gets loans and who doesn’t. In the 1970s to 1980s, we transformed fully to a spending society in which there is little savings. Our society is defined by the consumption and financing of goods and services. . Cash is no longer king: plastic is, as we use debit and credit cards.