THE REVERE ADVOCATE – FRIDAY, MARCH 20, 2020 Page 7 WalletHub: 67M Americans anticipate trouble paying credit card bills due to COVID-19 A round 67 million Americans think they will have trouble paying their credit card bills due to COVID-19, according to WalletHub’s new Coronavirus Money Survey. This survey, which follows WalletHub’s report “Most Aggressive States Against the Coronavirus,” illustrates some of the ways in which COVID-19 has impacted Americans’ lives and spending habits. Below are additional highlights of the report, along with a WalletHub Q&A. Key Stats • COVID-19 is a huge source of stress. COVID-19 is now the top stressor in America, above money problems, which has traditionally topped the list. • Many Americans have started saving extra. 158 million Americans are saving more money during the COVID-19 pandemic, rather than spending more. • Spending habits have changed differently for women and men. The top category women have spent less on due to COVID-19 is travel. For men, it's entertainment events, such as concerts, sports and movies. • Travel has halted: 94 million Americans have cancelled or plan on canceling travel plans due to COVID-19. • Touching cash is scary. More than 6 in 10 people believe it is possible to contract COVID-19 from money. Q&A with WalletHub Should credit card companies forgive late payments during the coronavirus pandemic? “Yes, credit card companies should give relief to affected customers, just like they’ve done during major natural disasters in recent years,” said WalletHub CEO Odysseas Papadimitriou. “Roughly 67 million Americans anticipate having trouble paying their credit card bills because of the coronavirus. Their struggles could easily ripple through the economy if left unaddressed, especially considering the more than $1 trillion in credit card debt currently owed by U.S. consumers.” How are consumers reacting to the coronavirus financially? “We’ve seen a lot of panic buying as a result of the coronavirus, with people purchasing things like toilet paper en masse, largely because they don’t know what else to do. Furthermore, 94 million Americans have cancelled or plan to cancel travel plans due to the coronavirus,” said WalletHub analyst Jill Gonzalez. “Less apparent, however, is the panic saving that people are engaged in right now. Around 158 million Americans, or roughly 63% of adults, say they are saving more, as opposed to buying more, as a result of this crisis. If there’s a bright side to all of this, people saving more money than usual might just be it.” How are consumers feeling emotionally? “The coronavirus is now the top stressor in America, above money problems and the 2020 election,” said WalletHub analyst Jill Gonzalez. “This is significant because money problems have for years been our top stressor, according to the American Psychological Association, with politics creeping up the list lately. It just goes to show how quickly the pandemic has come to dominate the public consciousness, not just in the U.S. but around the world.” Is President Trump right to consider sending relief money directly to Americans? “President Trump is absolutely correct to consider sending direct-relief checks to American households. In fact, it’s the only way to fight an economic crisis like this. Other measures, such as payroll tax relief, will help some businesses, but a lot of workers won’t see any benefit,” said WalletHub analyst Jill Gonzalez. The complete survey results can be found at https:// wallethub.com/credit - cards#survey. Like us on Facebook advocate newspaper Facebook.com/Advocate.news.ma Councillors seek answers on McMackin Field By Barbara Taormina G enerations of Revere kids grew up playing Little League baseball on McMackin Field, and the City of Revere is now looking for a way to rehabilitate the site, which has fallen into serious disrepair. City councillors unanimously supported City Council President Patrick Keefe’s proposal to meet with the McMackin Little League Board of Directors to discuss the organization’s intentions for the future of the property. The council voted to refer Keefe’s motion to the city’s Youth, Parks and Recreation Subcommittee. “I played ball at McMackin field as a child and it’s a disgrace to see the field in its current condition,” wrote Revere resident Eric Lampedecchio in comments submitted to the council this week. “Residents in the area have expressed concerns about the field being rezoned for an apartment building and I surely hope that is not the case. I, like many residents, hope that the field can and will be restored to a playable condition in the near future,” added Lampedecchio. Councillors were pleased with the chance to push the issue of the field forward. “We met with the Board of Directors of McMackin Fields months ago. We tried to work out some of the issues and we couldn’t, we were just stuck,” said Ward 1 Councillor Joanne McKenna. “I want the public to know we have been working on this and it’s not a dead subject; it’s an ongoing issue,” she added. Councillor-at-Large Anthony Zambuto said it’s important that residents understand that the Revere Little League owns the field, not the city. “We tried to acquire it because that’s the only way to correct the problems, but they didn’t want to,” added Zambuto, who added that the league’s board doesn’t want to use its resources for the necessary repairs. The field has been plagued with flooding, which many believe has been exacerbated by the nearby condo building. “It’s a bad reflection on the city, it’s a blight,” said Zambuto. “It was a beautiful ballfield. For many years, it was like a little Fenway Park.” Councillor-at-Large Gerry Visconti called the park an eyesore, and he agreed with Zambuto, who described the field as a health and safety hazard. Visconti said there is a pole on the field that is in danger of falling and possibly injuring someone. “I would like to see what we can do to have the owners fix that pole,” he said. Councillor-at-Large Steven Morabito supported moving forward with discussions with the Little League Board, but he urged councillors to make sure that any talks do not become a bashing session. Keefe agreed and said what the city needs is a truth session to clear up all the rumors about the board’s plans and resources and the future of the field. “If there’s some willingness to work with the city, I’m sure the city will work with them,” said Keefe, adding that he would like to see the site used for physical activity for city youngsters. “If it can be a baseball field – fantastic,” said Keefe. “If it needs to be changed into something else, put it to good recreational use for the city.”
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