Why Timeshares Are Being Stubborn With Payments During Coronavirus
COVID-19, Timeshare Impact on Credit Score
3 min read
Since late February, early March, the United States has been under the thumb of the coronavirus pandemic. While we are not alone in this battle against the global pandemic, it does feel like it’s taken the US longer to rebound and recover. Many industries, including the travel industry, have yet to see anything that can be considered a trend in the right direction as daily cases are still in the thousands. Despite the continued concern for the virus and the safety of everyone, travelers have decided that it’s time to move forward and begin traveling again, with caution, but to visit favorite destinations and explore the country again.
Reopening of theme parks, tourist attractions, local parks and beaches have led to an increase in traveling. However, the numbers are difficult to gauge as it mostly centers around local tourism rather than people traveling to other states. There has been an increase in people flying and renting hotel rooms, but the numbers do not yet show a trend in the upward direction for these industries as they have to first recover from lost revenue during the shutdown periods.
The best way to think of this is like a test where both travelers and the businesses impacted by them can learn how to brave the new world of coronavirus, stay safe and still accomplish their goals. This test actually comes at the right time, towards the end of summer, when most families are working towards plans to have their children back in school or attending virtual classes. This “soft open” will be useful as it will set the standards used and followed by everyone as travel potentially and hopefully picks up towards the end of the year, especially during the holiday season.
Obviously, it’s impossible to know what will happen over the next several months and if we will see a spike in the virus again. The good news is that despite sports, travel, businesses and schools reopening in some degree, there has not been a spike yet. If the numbers can stay around the same or even continue to go down despite all of these reopening events occurring, it signals good news for the travel industry towards the end of the year and an opportunity for businesses to end the year in much better shape than they had originally expected back in May and June.
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