The Coronavirus outbreak has left hundreds of thousands of individuals unemployed, making them unable to make ends meet. People are looking for solutions and Coronavirus (COVID-19) financial plans that can help them save as much as they can at this time of crisis. $4.2 trillion is the total consumer debt we have in the US right now. According to Federal Reserve reports, each consumer holds over $12000 in debt on average, which consists of mortgage, car loans, student loans, and credit card debt.
Reliefs Offered by Banks/Credit Card Companies
Falling behind on payments has consequences — not just interest, but late payments like water bill, electricity bill, and more. Thankfully, many banks are forgiving some of its customers for late payments. Typically, if you miss a bill payment, you’re hit with late fees, interest charges, or frozen accounts. But, because of the financial strain the outbreak has caused, banks have become a little more flexible in their approach. They are cutting customers some slack by reducing interest rates, avoiding late fees, and even pushing back payments. Some companies are allowing customers to request up to 3 months of repayments. This might not be the perfect financial solution for Coronavirus, however, it does offer some help.
If you receive social security or SSI benefit payments, they will be made on time during the pandemic. The agency said that benefit payments are not being delayed and warned recipients to be on the lookout for scammers who claim the current events are stopping or changing payments. The treasury department will provide information about the recent economic aid checks and will make direct payments — to those who are eligible to receive one.
Communication with Banks/Credit Card Companies is Important
One of the best courses of action with credit repairing at the time of Coronavirus is to stay in communication with your bank/credit card company. If you’ll communicate with them, you are more likely to get relief on your payments. Make a note in their system about your current situation, and if possible, keep records from your employer as proof of your condition.
Want to know about Coronavirus debt relief plans? Get in touch with America Debt Resolutions today!