Looking at the Bright Side: Positive Effects of the Pandemic
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This week, we talked about the unexpected positive outcomes of COVID-19. Things are not great by any means, and life has yet to return to normal. The world is still very much in the middle of a pandemic, but there are silver linings amid the uncertainty and negativity.
Topic: Looking at the Bright Side: Positive Effects of the Pandemic
The panel included Rod Griffin: Senior Director, Consumer Education and Advocacy, Experian; Christina Roman: Consumer Education and Advocacy Manager at Experian; Beverly Harzog: Credit Card Expert and Consumer Finance Analyst for U.S. News; Lawrence D. Sprung: CFP® President of Mitlin Financial, Inc; Paulina Likos: Investing Reporter at U.S. News; and Dr. Barbara O’Neill: Owner/CEO of Money Talk.
Questions We Discussed:
Q1: How have you been coping during this pandemic?
Q2: What’s something positive that happened to you because of the pandemic?
Q3: What are some positive changes you’ve seen since the pandemic?
Q4: How has the pandemic changed your money habits?
Q5: Any new hobbies or skills you picked up during the quarantine?
Q6: Have you made any smart money moves during the quarantine? If so, what?
Q7: Any financial lessons you’ve learned during the COVID-19 pandemic?
Q8: What’s your silver lining from the pandemic?
Q9: What are some changes you hope to see after the coronavirus pandemic ends?
Q10: What are you looking forward to the most, post-pandemic?
Retweet these insights from our community:
As the COVID-19 situation continues to evolve, we are doing all we can to help you protect your credit during this unprecedented time. Visit our website for resources to help you learn about credit and important personal finance topics: https://t.co/GgIxNMUihV #CreditChat
— Experian #StaySafe (@Experian) November 4, 2020
In what has been an unprecedented year, marked by a global pandemic and a number of economic and personal challenges for both businesses and consumers, Americans are maintaining healthy credit profiles during the COVID-19 pandemic. https://t.co/yGBKsqyCdo #CreditChat pic.twitter.com/zAEcCYASf4
— Experian #StaySafe (@Experian) November 4, 2020
A1. Working to ask myself every day and live the tag line of the Mitlin Money Mindset™ @MitlinMoney podcast “𝙒𝙝𝙖𝙩 𝙙𝙞𝙙 𝙮𝙤𝙪 𝙙𝙤 𝙩𝙤𝙙𝙖𝙮 𝙩𝙝𝙖𝙩 𝙗𝙧𝙤𝙪𝙜𝙝𝙩 𝙮𝙤𝙪 𝙟𝙤𝙮™ #CreditChat
— Larry Sprung, CFP® (@Lawrence_Sprung) November 4, 2020
A2: I’ve had the opportunity to read more & learn about topics that interest me.
Being in quarantine has also afforded me time to reflect on my strengths, weaknesses & how I can reach my personal/ professional goals.
I hope others were able to do the same! #CreditChat
— Paulina Likos (@Paulina_Likos) November 4, 2020
Consumer spending during COVID-19 has undergone historic change. Whether for financial reasons or simply due to fewer opportunities, 32% of U.S. consumers say they are spending less or trying to cut back, according to the Experian Consumer Sentiment Index. #CreditChat pic.twitter.com/QlE2D7GCMT
— Experian #StaySafe (@Experian) November 4, 2020
A3: We all have been so busy living the life, many of us have lost those real, genuine moments we have with our loved ones. Now, we get to spend our time with our families and plan our work better. This builds a better future for both our work and family lives. #CreditChat
— Financial Beginnings USA (@finbeg) November 4, 2020
A4: The pandemic has affected many aspects of Americans’ daily lives, including our budgets. Many of us are maximizing our savings and reducing unnecessary spending to ensure our families’ financial security during this crisis. #CreditChat
— Financial Beginnings USA (@finbeg) November 4, 2020
A5: If you picked up any of these hobbies during quarantine, you could turn them into a side hustle and start making some extra cash: https://t.co/OrIhSeQfhx #CreditChat
— American Consumer Credit Counseling (@ACCC_TalkCents) November 4, 2020
A6: I invested in companies that have been very visible during the pandemic. It’s paid off, but I keep an eye on it. I’m a credit expert, not an investing expert, so I get help from a financial advisor that I’ve worked with for 20 years. #CreditChat
— Beverly Harzog (@BeverlyHarzog) November 4, 2020
Our 11th annual State of Credit report shows Silent, Boomer, Gen X, and Gen Z Americans are managing responsible credit utilization rates and holding credit cards below the recommended maximum.#CreditChat pic.twitter.com/R0SRWJc8RC
— Experian #StaySafe (@Experian) November 4, 2020
A7: Prioritize emergency savings. Even if you’ve been able to continue working from home during COVID-19, you never know when things could change. We’re starting to see more surges across the country again. It’s best to be prepared for anything. #CreditChat
— American Consumer Credit Counseling (@ACCC_TalkCents) November 4, 2020
A8: Finding unique ways to stay connected with friends and family has been a silver lining for me. Whether it’s social distanced walks, or virtual movie dates, I’m grateful for the creative ways we can be “apart together.” #CreditChat
— Carly Owens (@magicalcarly) November 4, 2020
A silver lining of the pandemic could be more opportunities to earn income from the safety of your home. There is an increasing number of ways to make extra money from home, which is ideal—or even medically necessary—for some during the ongoing pandemic. #CreditChat pic.twitter.com/2UgxnMcHKF
— Experian #StaySafe (@Experian) November 4, 2020
A9: I hope for everyone to remain strong and healthy and to focus on reaching your financial goals.
Now could be a good time to build a financial plan to save and invest toward your future. #CreditChat
— Paulina Likos (@Paulina_Likos) November 4, 2020
Despite widespread unemployment and loss of income during COVID-19, consumer debt balances have decreased over the past several months. From January 2020 to May 2020, consumers across the U.S. saw their total average debt dropped by 1%. https://t.co/1NrRMiRrAz #CreditChat
— Experian #StaySafe (@Experian) November 4, 2020