How are people feeling about the effects of COVID-19 on their credit scores?

Business shutdowns are having a major effect on every sector of the economy and Americans are feeling the pinch. The nation is seeing record-breaking levels of unemployment and major financial losses across the board with all sorts of businesses suspending activities due to COVID-19.

WalletHub just surveyed over 300 Americans online to see how they're feeling about their own finances and here are some of their findings.

  • Overall, 35 percent of respondents are worried about their credit scores during national COVID-19 closures.
  • 32 percent think that their credit score will continue to be negatively affected for six months, while 20 percent think that the ripples will continue to plague them for at least 12 months.

  • While 54 percent of respondents think their credit scores will remain the same, 29 percent think that their credit scores will fall during this time.
  • Of all the bills they receive, people are most concerned about being able to pay their mortgage or rent (23 percent), credit card bills (18 percent), and utility bills (8 percent).

tax forms, bills

A whopping 86 percent of people who took the survey think that creditors should look the other way and ignore missed or late payments during this time of economic hardship. This is a sentiment that is echoed by some major corporations, including public utilities, which are suspending late payment notifications that may affect their customers' credit.

WalletHub goes on to include tips for people concerned about their credit scores, including maintaining constant contact with creditors. Mortgages, utilities, and even cell phone companies are accepting late payments without penalties if you make the effort to set up an arrangement beforehand. If you use credit cards, be sure to pay at least the minimum amount due to avoid hefty late charges.

What are your thoughts on how COVID-19 will affect your own financial outlook? Let us know in the comments!