Personal finance in times of crisis
March 10, 2020 | Posted by: Chad & Patty Southwell
We're living in challenging times, on the brink of a global pandemic. It's unusual to share a single fear amongst us all, a rare human experience at the same moment all over the world. We feel strongly that it's important to communicate responsibily online so as not to make people feel panic, but rather empowered. But it is also important to address real issues and answer questions that people are thinking about. It's not helpful to play tone deaf.
Money is an underlying concern for a lot of people. Businesses are taking a hit and the ones who aren't are wondering about their future earnings. Banks in countries worst hit have announced suspended mortgage payments and increased credit. Banks are entering into new territory here, customers were not indebted like we are today in the history books of global emergency situations.
What will the Canadian banking response be if there is a serious crisis? I can only speculate that those discussions are happening now and likely the response would be something similar to the European markets.
This is a great opportunity to support one another through this shared jouney, let's spread love and wisdom and let common sense prevail.