has devastated many Americans' finances, with lost jobs and wages, but there has been at least one silver lining: The economic shutdown and extensive lockdowns have forced consumers, including many millennials, to cut back on discretionary spending. This has given some of those in debt, and not facing imminent financial emergency, a chance to pay down credit card balances.
Joy started #DebtCrushers in early March, before the pandemic hit the U.S. economy, and based on personal experience: Sheand wanted to help other women achieve the same debt-free lifestyle. Joy does charge for consultations and a Crush Your Money Goals membership. So far, #DebtCrushers has helped millennial women pay off $500,000 in debt.
"The traditional advice of 'Put away this amount of savings this month' ... is just not working for people right now. A lot of people are making decisions due to stress and anxiety," Joy said. "They are thinking about the financial security of their loved ones and their family, and it's hard to do that based on traditional advice we received pre-pandemic," she said.
Emergency funds are critical for individuals to have on hand if a personal crisis hits, as the coronavirus recession has proved yet again. Many Americans never recovered from the financial hit of the Great Recession, and even in recent years, when the economy was booming and unemployment was at a historic low, the percentage of Americans who could not afford a $400 emergency expense remained dangerously high.
Source: Loan Digest (loandigest.net)
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