The pandemic surrounding Covid-19 has left the country in a predicament that it wasn't prepared for. Non-essential businesses were forced to close, forcing millions of Americans to scramble and file for unemployment. Congress passed an economic stimulus package that at first glance, seemed like a big help.
This package is the lacking basic consumer relief that many people need. With a stimulus package that can barely hold some over for 2 weeks and millions unemployed, it will force a number of people to seek out loans where they could be subjected to scams and unnecessary debt.
The relief package should halt debt collection to stop harassment by debt collectors. It should also forgive some student loans and medical debt. With no wage and tax garnishments ahead of the relief payments from the federal government. People should not have to pay for the Covid-19 test kit or any related medical expenses if infected. Cancelling debt would bring huge economic relief and leaves room for individuals to focus on necessities during this pandemic.
With this economic crisis lenders will take advantage of America’s desperation to financially survive. No one should have an interest rate in the triple digits; interest rates should be capped at 36% for non-bank lenders. Federal lawmakers can step in to protect all consumers from price-gouging, predatory lenders. Anything to relieve the burden of debt should be implemented as people try to navigate through this crisis.
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