ER visits are plunging patients into debt

A BBB survey released alongside its report indicates that one-third of SMBs expect to shrink over the next 12 months and warns that many individual businesses will struggle to pay their debts. The potential shortfall is felt more acutely in the hard-hit hospitality sector, with 37% of those businesses saying they do not expect to repay their relief loan.

For instance, a small business owner could meet with a loan officer specializing in their industry without having to travel. Reimagined Community Banking. The number of US bank branches peaked in 2009 and has been falling steadily since, according to the World Bank.

The pandemic has also led many consumers to reassess their personal finances, which has affected nearly every facet of the financial services industry, from mortgage refinancing and credit loans to tax filing and stock market investments. For example, with interest rates at historic lows, more homeowners are looking to refinance their mortgages.

Some households have had little choice but to take on debt to pay crucial bills, but it’s a last resort. “I think people will exhaust all other avenues before taking on debt, from cutting their budgets to dipping into savings,” said Jodie Huang, consumer insights manager at Mindshare. That’s especially true of millennials. “The Great Recession made millennials fiscally conservative,” he said.