Second only to what the coronavirus can do to our physical health, is the worry about what harm all this is doing to our financial health.
With so many businesses closed because of COVID-19, consumer spending has taken a nosedive. Financial analysts say even people who are still working are reluctant to spend, because they don't know how long this set of circumstances will last.
Bankrate.com says they surveyed 2,500 Americans about spending and investing during the crisis and found over half are dialing back on spending. But, surprisingly, staying the course on investing.
"Despite a 30% drop in the stock market - about 2/3 of those who have investment accounts did not do anything with their stock-based investments," said Greg McBride, a Senior Analyst with Bankrate.com.
Many people are worried about what this economic upheaval is doing to their credit rating. But according to experts at Experian, the credit bureaus have launched crisis response plans to let lenders know your situation.
Unemployment shouldn't affect your credit report or credit score. Experian says there are things you can do to keep your credit on solid footing.
Pay your bills on time if possible, contact your lenders for help, and protect your identity.
