Demand for Credit and Debt Relief Services Experiences Huge Surge Post Lockdowns
The COVID-19 pandemic has taken the world aback, affecting lives and livelihoods globally. It has forced economies to shut down for months, causing significant financial hardship for populations around the world. The dramatic impact of this global crisis continues to affect financial stability, with signs of strain noticeable across different markets. The lockdown has triggered a massive unemployment rate as the global economy is undergoing a serious recession and businesses are getting shut down amidst the financial crunch. All these factors have taken a toll on an individual’s ability to meet his or her financial obligations. Credit and debt repayments have been majorly hit during the pandemic, and even the collection system is affected badly. As a result, credit scores are ripped and people are suffering from tremendous credit risks. This has triggered the demand for professional credit and debt relief services as the world is getting back to normalcy post lockdown. According