Coronavirus Financial Recovery: The Complete Guide
The coronavirus (COVID-19), first identified by Chinese doctors in December 2019, spread rapidly throughout the world. In a few short months, it crossed nearly every international border, leaving a trail of illness, casualties, panic, and socio-economic devastation. As governments urged people to stay home to halt the spread of COVID-19, businesses closed, and millions of people lost their jobs, along with any semblance of financial stability.
Now, as the COVID-19 numbers begin to slow, people are wondering about their financial futures. This crisis caught the world by surprise and forced many people into borrowing and debt. In the aftermath of such widespread economic devastation, many wonder if they will ever regain financial stability.
Here at Cashfloat, we believe that financial recovery IS possible. The economic effects of coronavirus have reached every UK home, from the Houses of Parliament to the average British household. Yet, with some proper planning and hard work, you can heal your finances from the coronavirus’ effects. Click here to visit our ongoing coronavirus support page for help during the pandemic.
Coronavirus Effects: An Economic Pandemic
The first cases of coronavirus in China swiftly doubled and tripled, spreading worldwide. In just a couple of months, it morphed into a global pandemic, infecting over 6.4 million people to date. (Worldometer.info, 3 June 2020) Coronavirus, similar to the SARS and MERS outbreaks in the early 2000s, attacks the respiratory system and can be fatal, although over 80% of cases are deemed mild.
However, the coronavirus effects have spread far beyond the hospitals. In an effort to stop the contagion, governments around the world closed their borders, shut non-essential businesses, and encouraged citizens to stay home. As social distancing and business closures became commonplace, people across the globe, from CEO’s to retail assistants, soon began to feel the social and economic effects of coronavirus.
Stock markets crashed, international travel ceased, imports and exports slowed, and millions of workers lost their jobs seemingly overnight. Unemployment and furloughs spiked, and people who had just been making it by each month suddenly had little to no income. Governments scrambled to meet the new economic needs of their nations in crisis as they struggled to stay one step ahead of the coronavirus’ effects.
A Tiny Virus with Huge Effects
Amid the global economic shutdown, many people were forced to use their emergency reserves of cash to cover basic living expenses. People who had enjoyed financial security before the pandemic had a safety net to fall back upon. However, many did not have this luxury and had to go into debt just to put food on the table.
As people begin to peek at their devastated finances, many wonder if things will ever go back to normal. Will they be able to get out of debt? Can they rebuild their savings? Is saving for a nice holiday nothing but a dream now?
Here at Cashfloat, we believe that you CAN recover financially from the effects of coronavirus. This tiny virus has caused a lot of economic collateral damage, but you can overcome this challenge. We created this guide to help you get your finances back on track during this trying time. In the following chapters, you will discover how to recover your losses and attain financial health and stability. With the right guidance, planning and mindset, you will soon be on your way to recuperating from this economic pandemic.
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