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How BMG Helps Seniors Stay Afloat During the Current Financial Climate
By: OurSeniors.net Magazine
Financial experts believe the current recession and inflation have been slow to ease up for four reasons: 1) disruptions of supply chains because of the pandemic 2) shifts in consumer demand toward durable goods 3) rises in commodity prices because of the war in Ukraine and 4) the current Administration's lack of leadership.
How Seniors Are Affected By the Current Recession and Inflation
The current financial climate puts seniors at risk when unexpected challenges arise. Anything from mortgage payments to car repairs can put stress on seniors on fixed incomes. Economic downturns affect net worth and can negatively impact financial stability.
Seniors turn to unprincipled lenders that force borrowers to agree to exorbitant rates that can take years to pay back. Many lenders consider the senior group high-risk and will reject loans based on credit history.
Periods of recession and inflation also affect the health and well-being of seniors. The cost of prescription medication, transportation, and medical equipment has gone up in recent years. People dependent on these need to find supplementary income or assistance that social security benefits, healthcare plans or fixed incomes do not cover.
Seniors Are Not the Only Ones Struggling; Active Workers Are Postponing Retirement
Older workers are affected by rising unemployment rates, increasing numbers of home foreclosures and stock market declines. People are looking toward postponing their retirements because they do not have enough money saved up or cannot stretch their incomes to assuage the rising costs of inflation. People turn to their savings or draw from retirement accounts, the latter of which comes with excessive penalties.
Predatory lenders prey on innocent people who need cash fast. The risk of emergency financing for medical reasons, home repairs, layoffs, and widespread unemployment puts them in situations where they will take out high-interest quick loans. These loans often come with terms that make it difficult to pay back, and on many occasions some people do not qualify to get assistance.
BMG Offers Specialized Personal Loans to Help Ease the Burden Many Are Feeling
Operating in 41 states and Washington D.C., BMG Money has been changing finance for 13+ years. They provide access to resources and emergency funds for those who need them. Its Loans for Retirees program is there to provide loans ranging from $500 to $5000 and terms of up to 2 years that can be used for anything. It takes minutes to apply, and applicants can have money deposited to their bank accounts in a few days.
To learn more about BMG Money or to apply for loans online, visit www.bmgmoney.com. Client support is available Monday—Friday, 8:00 a.m. to 7:00 p.m. EST at 800.316.8507.