Many New Mexico residents, like most throughout the United States, are dealing with the fallout and financial uncertainty that came with COVID-19. As many businesses slow down and plan to shutter for weeks or months, many are unsure exactly how this could affect their financial future in the short and long-term. Title loans in NM can help reduce financial stress. But should you seek title loans in NM, or should you instead start dipping into their retirement funds? A title loan is typically a better choice overall as digging into retirement funds can be a long process. If you own your vehicle, then a title loan could be a great source of short-term funds to help you get through the weeks.

Impact of Coronavirus on Your Finances

COVID-19 is having a significant effect on the economy of New Mexico, even if not everyone is suffering from a drastic shift in their financial situation. Sporting events and religious gatherings are being canceled and travel between the US and other countries is severely impacted. Besides local and nation-wide trading, international companies are also feeling the effects.

More Expensive Products

As the transportation and trading of goods and products from China slow down or pause production, Americans will have fewer choices for purchasing their consumer goods. Going to the store or buying essentials may mean paying more than usual or having to go to sources you normally don’t go to. For example, while inventory on online stores like Amazon may run out, companies may still be selling a product through their official site or other third-party sellers. This can mean paying more and waiting longer for your usually essential items.

Harder to Get a New Job

With fewer products being sold and businesses shuttering for weeks or months, there will be much less revenue across the board for many business owners. With that comes a pause on hiring, cutting of hours, or even the laying off of employees to reduce losses. The chain reaction coming from the top means smaller or fewer paychecks. You can expect things to continue to slow down for the next couple of months as most businesses struggle to recover. You should also expect the fallout to directly affect you directly and personally in your wallet.

No Paid Time Off

Depending on your job or jobs, becoming ill with COVID-19 can mean losing out on pay that you will not get back. Small business owners, self-employed individuals, not to mention those who depend upon multiple side hustles to pay for rent and groceries, quarantine can be a financial disaster.

Buying Extra

Most impact on New Mexico residents and their households will be limited those some will be impacted much harder than others. As for stocking up on needed supplies, the best time to do so occurs before the panic sets in. Once consumers begin purchasing irrationally, you may be faced with either empty shelves or exorbitant prices. Learn a lesson from this experience and buy an extra can or two of soup, an extra package of bottled water, or even an extra package of toilet paper when you do your normal shopping in the future to stock up slowly. While many items are selling out, it is mostly temporary.

The wait for certain products could be weeks or even months so stocking up ahead of time is a great idea though you should buy way more than you would need for an entire year. This can still impact your finances as you have to invest more in grocery to ensure you will have enough down the line.

Should I Get a Title Loan?

Over 40 percent of Americans believe that COVID-19 will hurt their financial situation as the months go on. A study conducted by the company Freedom Debt Relief and Atomik Research found some surprising statistics. More than 30 percent said they believe that it will have a drastic shift such as losing their job or being unable to pay for essential things like their rent. In cases where your revenue stream has slowed down, title loans in NM can help you pay for essentials that cannot wait another week. With competitive rates and rapid delivery of funds and up to $10,000 in funds, you can be sure you are prepared in case of a financial emergency with New Mexico Title Loans, Inc. You can find your nearest location for title loans in NM here.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.