That’s how badly the coronavirus has impacted Americans’ personal finances

Even as economies begin to reopen, the coronavirus pandemic has left tens of millions of Americans in financial trouble. More than 44 million people have filed claims for unemployment benefits in the past 13 weeks and some federal emergency bailout programs are now on the verge of expiring.

Lending giant TransUnion

TRUE
is new Financial hardship report paints a picture of how hard the coronavirus pandemic is hitting consumer finances across the country. Here are the key takeaways.

106 million

This is the number of consumer loan accounts with deferred, deferred, or natural disaster status as of May 31st. At the end of April, just a month earlier, it was 35 million.

26%

This is the proportion of consumers who said they were cutting their retirement savings because of the pandemic.

16%

This is the proportion of consumers who reported refinancing their debt.

$985.20

That’s the average budget shortfall that American households face.

60%

That’s the proportion of consumers who plan to reach out to the companies that manage their accounts to discuss payment plans.

1.5 million

So many people have signed up Initial jobless claims for the week ended June 13. It’s more than the 1.3 million applications most experts were expecting — evidence that the job market recovery won’t be immediate.

$600

That’s how much extended federal unemployment benefit is worth per week under the CARES Act. These benefits expire on July 31.

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