Here is a bit I found online:
Ringworm is a fungus, and not a worm. While mildly contagious to humans, ringworm isn't as bad as many people think, so don't panic! Ringworm is not dangerous to cats, or to humans except for young children, the elderly, and people with compromised immune systems. It typically appears as a roundish bald spot commonly found around a cat's face, ears, head, paws, and tail accompanied by scabby, reddish or grayish welts.

Common treatments include twice or more daily applications of over-the-counter anti-fungal creams to the affected spots. An Anti-flea medication called Program® (Lufenuron) may also be effective in treating Ringworm, but its use is "off label". Your vet can ask the manufacturer (Novartis) to fax the studies and dosage information. Lime dips, and other prescribed medications may be worth reserving for more serious cases.

In humans, ringworm looks like round reddish welts. Avoid sun exposure to the welts, and apply anti-fungal cream on and around the welts at least twice a day. Consult your doctor if you're concerned or if the welts are spreading.

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I had a small ringworm outbreak in my kennel a few years back, I gave a few baths, applied some spray anti-fungal on some areas, anti-fungal creams on others, and let it run its course. I know many people panic over it, but it's not all that bad .... ugly, but not harmful or life-threatening. I would much rather have a ringworm outbreak than a coccidia outbreak!!!!

Good luck, and try not to stress too much over this!

Hugs,
Kim