COVID-19′s economic impact is likely to linger, so it’s important to think long-term with your finances

. Bank of Canada senior deputy governor Carolyn Wilkins said earlier this week that the bank expects a contraction of as much as 30 per cent for the second quarter of the year, and that the central bank hasn’t published a full forecast because so many factors are up in the air.

Even before the crisis, household debt in Canada was near record levels and the Bank of Canada had identified it as a key risk to the economy. The downturn in the economy due to the pandemic has only increased the stress on household budgets as job losses pile up and the country sinks into a recession.

He advises that before contacting creditors and others who you owe money, think about if your situation is short-term or long term — if you think you’ll be able to handle the deferred payments when they eventually come due. You may need to think about what payments don’t make sense to make. That means you don’t need to worry about filing creditor proposals or bankruptcy yet, but should start think about or talk to experts about options if you’re feeling squeezed.As the economic effects of the outbreak are still unclear, it’s also important for those who may not yet have been hit financially to prepare, said Michelle Pommells, CEO of Credit Counselling Canada.

Taking a longer view is a challenge, especially when many are already in such a fragile condition financially, but thinking months down the road can lead to much different outcomes, Pommells said.

globeinvestor If only Trudeau had acted fast and decisively like South Korea, we would have a VERY LOW FLAT infection rate...the mess Canada is in is entirely attributed to Trudeau’s inability to LEAD and simply do NOTHING and follow the clueless WHO who believed EVERYTHING China told them!!!

globemoney obviously its not going away, but what do you know that we dont..... this plannedemic is getting old

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