There’s no shortage of consumers and companies rocked by COVID-19. The speed and degree with which this has touched every entity in our country are unlike anything any of us have ever seen. Although this period has been filled with moments of sadness, loss, fear, confusion, uncertainty, and anxiety, many companies have led the charge to make sure their employees and customers are cared for by finding ways to adapt and thrive despite these unforeseen circumstances.
The Big Picture
In collections and recovery, we are no strangers to helping consumers when they’re going through difficult times. However, this cycle is different. The sheer volume of consumers that will suddenly be faced with short and long term unemployment is staggering. TransUnion recently published in their COVID-19 Pandemic’s Financial Impact on U.S. Consumers report that 61% of consumers surveyed indicated their household income has been impacted. The report also says that the hardest-hit states in the West are California (68%), Washington (70%) and Nevada (77%). In the Northeast, New York comes in at 67% and notably, in the south, Louisianna is an outlier at 71%. Of these, 8% believe this will impact them in the future and 14% are unsure what the future holds.