On Friday, January 22, 2021, we asked our members about what effect COVID-19 has had on their financial status. The possible answer choices were:
- Serious. I am not sure how I will manage.
- My debt level will increase but I can manage it.
- There has been no change.
- My savings are growing.
- I am doing better than ever.
You can see the results below.
|Serious. I am not sure how I will manage.||3.0%|
|My debt level will increase but I can manage it.||12.1%|
|There has been no change.||30.1%|
|My savings are growing.||36.4%|
|I am doing better than ever.||18.2%|
It is encouraging to see that in one of the worst economies in history, 84.7% of our members and subscribers have been unaffected or are doing better.
12.1% have seen an increase in their debt level and 3% are struggling.
Concerning debt levels, at the current low interest rates, the cost of borrowing is close to 0% when adjusted for inflation. Those who have seen an increase in their debt levels and the 3% who are struggling can look forward to the end of COVID-19 and the continued low interest rates. Recovery might take longer than they like, but it will take place. They will begin to move in the right direction, and that is always satisfying.
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