As Two-Thirds of Americans Work From Home, Pluses and Minuses Emerge

A new survey reveals that 66% of American employees are now doing their jobs from home at least part of the workweek due to the coronavirus pandemic. The finding is further proof of how the outbreak has totally changed our lifestyles in many ways.

Some 365 workers nationally were surveyed by the ratings and review firm Clutch to get a sense of their working-from-home habits and what they like and dislike about the remote work. The bottom line is more people than ever before are working from home, prompting companies to make new adjustments.

Among the top findings were 44% of Americans are now working from home five or more days a week, up from 17% before the pandemic. Not having a commute (47%), a more flexible schedule (43%), and not having to dress up (33%) are the three biggest perks.

However, difficulty collaborating with co-workers (33%), frequent interruptions (27%), and problems sticking to a routine (26%) are the three biggest challenges of remote work. Also of note, 22% of respondents say find it difficult to stop working at the end of the day.

Overall, about 39% prefer working in an office, versus 40% working remotely.

Kristen Herhold, a content writer and marketer at Clutch, says what her surprised her the most about the survey was that just 10% of respondents say they struggle with a poor Wi-Fi connection working from home. “I thought it would be much higher,” she explained, “especially since office Wi-Fi tends to be much stronger than home Wi-Fi.”

Another interesting finding is the obstacles working from home creates when it comes to interacting with co-workers. At the office people can visit colleagues at their desk and get answers quickly. Now, workers must wait until colleagues open their email or see their message.

Herhold’s advice to people who say it’s difficult to collaborate with co-workers while working remotely is to take advantage of the many collaboration tools available, such as Zoom, Microsoft Teams, Skype, Google Hangouts, and Slack.

“These help employees communicate more seamlessly and get some face-to-face interaction in real-time, rather than waiting for a response to an email or phone call,” she says.

Another dynamic American workers may have to accept is working from home perhaps will continue for a while. Experts predict that social distancing will last many more weeks or even months.

Clutch suggests that businesses talk with their employees about their successes and struggles with remote working to help make their daily work as productive as possible.

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Credit Specialist Kareem McMurrin Gives COVID-19 Financial Tips

A great credit score is not always easy to come by. Student loans, credit card bills, missed payments, and now COVID-19, can all affect one’s credit score. During these uncertain times, many have faced unexpected financial burdens that will have long-term effects.

Kareem McMurrin, owner of Bar Financials, has more than seven years of experience helping individuals plan financially for their futures. Featured on outlets such as Fox Soul, McMurrin has identified sound practices that can help people plan, build, or re-build financially even through volatile circumstances.

BlackEnterprise.com talked to McMurrin about how to protect credit, recession-proof credit scores, and what not do financially during a pandemic.

What should Americans who received a stimulus payment know about the payment? 

According to reports in December 2019, 69% of Americans have less than $1,000 in case of any emergency. From the very beginning of this COVID-19 pandemic, we’ve most importantly been made aware of what it actually takes to even prepare for or survive through such [an event]. Using your stimulus check to start an emergency fund would be a great idea that would help relieve stress and help prepare for uncertainties.

How can people protect their credit during the COVID-19 Pandemic?

The single biggest thing anyone can do is pay all your bills on time if possible. Do your best to make your payments on time, even if you’re only meeting your creditors’ minimum requirements.

During times of crisis, you will see an increase in fraudulent activity. Monitor your debit and credit card usage by setting transaction alerts and view your statements. Be aware of spam emails acting as known companies baiting you to click on links. Do not provide anyone your credit card information or Social Security card information over the phone unless it is a trusted source that you know.

Is there a way to recession-proof your credit score?

Contact your lenders for help if you know you can’t make your required monthly payment. When you contact your lenders ask about hardship options that are available and do this as soon as possible. You don’t want to wait until you’ve already missed a payment. Due to the continuation of COVID-19, many lenders are putting policies in place to help everyday consumers pay their bills.

There are many options available. Lenders may, for a short, temporary time, be able to lower your interest rate or payment or put a hold on your payments for a disclosed period of time. Lenders may also be able to place your loans in deferment or forbearance. You don’t have to make loan payments when a loan is in deferment or forbearance. Making contact could be very beneficial due to the fact the lender will not report late payments to the credit bureaus.

What are three things we should not do financially during an economic downturn?

1. You’ll want to avoid becoming a cosigner on a loan, taking out an adjustable-rate mortgage, and taking on new debt—all of which can increase your financial risk.
2. If you’re a business owner or an employee, avoid new or extra expenses. Do not take on new debt until the economy has shown a complete recovery at a considerable rate.
3. Think about the long term. Acknowledge your emergency savings situation and develop a plan to prioritize your expenses. 

from Black Enterprise https://ift.tt/2Szgr8D

Credit Specialist Kareem McMurrin Gives COVID-19 Financial Tips

A great credit score is not always easy to come by. Student loans, credit card bills, missed payments, and now COVID-19, can all affect one’s credit score. During these uncertain times, many have faced unexpected financial burdens that will have long-term effects.

Kareem McMurrin, owner of Bar Financials, has more than seven years of experience helping individuals plan financially for their futures. Featured on outlets such as Fox Soul, McMurrin has identified sound practices that can help people plan, build, or re-build financially even through volatile circumstances.

BlackEnterprise.com talked to McMurrin about how to protect credit, recession-proof credit scores, and what not do financially during a pandemic.

What should Americans who received a stimulus payment know about the payment? 

According to reports in December 2019, 69% of Americans have less than $1,000 in case of any emergency. From the very beginning of this COVID-19 pandemic, we’ve most importantly been made aware of what it actually takes to even prepare for or survive through such [an event]. Using your stimulus check to start an emergency fund would be a great idea that would help relieve stress and help prepare for uncertainties.

How can people protect their credit during the COVID-19 Pandemic?

The single biggest thing anyone can do is pay all your bills on time if possible. Do your best to make your payments on time, even if you’re only meeting your creditors’ minimum requirements.

During times of crisis, you will see an increase in fraudulent activity. Monitor your debit and credit card usage by setting transaction alerts and view your statements. Be aware of spam emails acting as known companies baiting you to click on links. Do not provide anyone your credit card information or Social Security card information over the phone unless it is a trusted source that you know.

Is there a way to recession-proof your credit score?

Contact your lenders for help if you know you can’t make your required monthly payment. When you contact your lenders ask about hardship options that are available and do this as soon as possible. You don’t want to wait until you’ve already missed a payment. Due to the continuation of COVID-19, many lenders are putting policies in place to help everyday consumers pay their bills.

There are many options available. Lenders may, for a short, temporary time, be able to lower your interest rate or payment or put a hold on your payments for a disclosed period of time. Lenders may also be able to place your loans in deferment or forbearance. You don’t have to make loan payments when a loan is in deferment or forbearance. Making contact could be very beneficial due to the fact the lender will not report late payments to the credit bureaus.

What are three things we should not do financially during an economic downturn?

1. You’ll want to avoid becoming a cosigner on a loan, taking out an adjustable-rate mortgage, and taking on new debt—all of which can increase your financial risk.
2. If you’re a business owner or an employee, avoid new or extra expenses. Do not take on new debt until the economy has shown a complete recovery at a considerable rate.
3. Think about the long term. Acknowledge your emergency savings situation and develop a plan to prioritize your expenses. 

from Black Enterprise https://ift.tt/2Szgr8D