Many individuals have been already reliant on bank cards to pay for day-to-day payments and emergencies at first of the COVID-19 outbreak. For the reason that pandemic has grown, extra folks have turn out to be much more reliant on bank cards for on a regular basis bills as they proceed to face monetary hardships.
Even with the coronavirus pandemic’s impact on our economic system, bank card rates of interest nonetheless stay very excessive (greater than 17 % for many cardholders). Whereas some corporations are providing reduction choices, the patchwork of various packages usually are not sufficient to keep away from important debt impression on adults of all ages.
Along with the measures taken to deal with mortgage funds and evictions, whereas persons are nonetheless making use of for unemployment insurance coverage and households are nonetheless ready for stimulus reduction checks, this is a matter that must also be addressed right here in New York state and in Washington, D.C., throughout this disaster.
Angelo Santabarbara
Rotterdam
Assemblyman, representing areas of Albany, Montgomery and Schenectady Counties
