(NBC News) With so many businesses closed because of COVID-19, consumer spending has taken a nose-dive.
“Even people who are still working and in a position to spend are reluctant to do so, simply because they don’t know what is around the corner or how long this set of circumstances will last,” says Bankrate.com senior analyst Greg McBride.
Bankrate’s recent of 2,500 Americans found over half dialing back on spending, but surprisingly staying the course on investing.
“Despite a 30 percent drop in the stock market, about two-thirds of those who have investment accounts did not do anything with their stock based investments,” McBride notes.
Still, many worry what all this economic upheaval is doing to their credit rating.
Experian’s Rod Griffin says there is no need for that worry.
“You don’t have to worry about unemployment affecting your credit report or credit scores,” he says.
The credit bureaus have launched crisis response plans to let lenders know your situation.
“Especially if you are going through job loss or income reduction, to show you’re affected by COVID-19 and in forbearance or in deferment,“ Griffin says.
Read more: https://nbcnews.to/2Kct8ll
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