Philadelphia, PA -- (SBWIRE) -- 06/25/2020 -- The ramifications left in the wake of the COVID-19 pandemic are still impacting Philadelphia businesses and families. However, with local businesses slowly reopening their doors in Philadelphia and the surrounding areas, unemployment rates are expected to gradually decrease. This is true across the nation as well. Unemployment rates reached their peak in April at 14.7%. As of early June, they have lowered to 13.3%. A roughly one percent change may not seem extraordinary, but it's a start. With that in mind, the experts at Quality Credit Repair, one of Philadelphia's best credit repair companies, are encouraging everyone to rebuild their financial stability as well.
The first step everyone should take to improve their financial situation is to review their current income, expenses, and budgets. Those who have more money coming in need to reevaluate their budget. The experts at Quality Credit Repair recommend everyone remain frugal, despite outdoor venues being open again. It's more important to prioritize monthly bills, debt payments, and emergency funds.
As July 15, the official end of the 2020 tax season approaches, the other thing to keep in mind is debt payments. Many companies and government institutions offered programs to help those struggling with debt, but these programs are set to expire soon. Therefore, it's time to prioritize debt payments once again.
There are two main methods people can use to determine what should be paid back first — debt snowball and debt avalanche. Debt snowball refers to paying off small balances first, while debt avalanche refers to paying off high-interest debt first. Choosing one of the approaches is a good way to create and achieve personal debt repayment goals.
Finally, people must also start rebuilding their emergency funds. Those who relied on their savings to get by during the COVID-19 crisis and find themselves in better financial standing today should begin saving, even if it's just a little, as soon as possible.
For more tips on financial and credit restoration, contact Quality Credit Repair today.
About Quality Credit Repair
Quality Credit Repair works to help clients better their credit score and ensure they receive the most accurate credit reports. Their dedicated and highly trained consultants have over 20 years of experience resolving credit-related issues. They will review a client's credit report and highlight areas that are harming the scores. The consultant will also layout changes the individual can make to better their credit. The company helps build credit by recommending the opening of secured accounts with certain, trusted lenders. Their services are available to clients anywhere in the country.
For more information, please visit http://www.qualitycreditrepair.com/.