How women can lower financial stress and take control of credit card debt during coronavirus

Despite the economic turmoil and mass unemployment resulting from the coronavirus pandemic, consumer revolving debt decreased by $24 billion in May, according to recent data from the Fed. It is the third straight month of decline in consumer debt. 

Covid-19 has devastated many Americans’ finances, with lost jobs and wages, but there has been at least one silver lining: The economic shutdown and extensive lockdowns have forced consumers, including many millennials, to cut back on discretionary spending. This has given some of those in debt, and not facing imminent financial emergency, a chance to pay down credit card balances.

“People have been not spending at all and have been using this money to pay off their debt,” said Bernadette Joy, founder of #DebtCrushers, an initiative to help millennials, and women in particular, who are stressed about debt and financial pressures.

Joy started #DebtCrushers in early March, before the pandemic hit the U.S. economy, and based on personal experience:  She successfully paid off $300,000 in debt and wanted to help other women achieve the same debt-free lifestyle. Joy does charge for consultations and a Crush Your Money Goals membership. So far, #DebtCrushers has helped millennial women pay off $500,000 in debt.

Her debt-management program has helped women pay off an additional $160,000 since the pandemic began, using what she calls her C.R.U.S.H. system:

  • Cultivate a new mindset to feel excited, not exhausted by money issues.
  • Reverse-engineer how to break down big money goals into small steps.
  • Use your time, energy and money more efficiently.
  • Spend unapologetically on what you love.
  • Hustle to make your income meet your money goals, starting today.

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