The COVID-19 a pandemic is an unprecedented event, unlike anything most Americans have experienced in their lifetimes. Unfortunately, it's both a public health crisis and an economic disaster as millions upon millions of Americans are left without work and with no ability to look for another job.
If you're one of the many people affected by this crisis, you may be worried about paying your bills. The good news is, there is lots of help out there, and lots of protections have been put in place to limit your potential financial loss.
Talk To Creditors
Most people you owe money to understand that coronavirus has affected household incomes. Financial institutions and utility companies are thus making provisions to allow you to put accounts into forbearance, which means temporarily pausing payments. Many credit card issuers, including Capital One, Chase, Citi, U.S. Bank, Wells Fargo, and others, have released statements on their websites announcing several kinds of assistance for consumers during the COVID-19 outbreak. If you have trouble making payments on a personal loan or Credit card payments then you need to contact your creditors to take advantage of flexible payment options, though, so call ASAP and let them know COVID-19 has prevented you from being able to fulfill your obligations.
Mortgage Payment Help & Foreclosure Suspensions
As soon as you realize you’ll have trouble making your next mortgage payment, call your loan servicer to learn what options might be available to you. You could be eligible for a forbearance, like under the CARES Act, or another form of short-term immediate mortgage relief, like a waiver of late fees. The CARES Act also imposes a 60-day foreclosure moratorium for federally backed mortgage loans, including loans purchased or securitized by Fannie Mae or Freddie Mac, FHA-insured loans, loans insured or guaranteed by the VA, and loans made, guaranteed, or insured by the Department of Agriculture. This moratorium covers the majority of residential mortgage loans in the country.
Look Into Expanded Government Benefits
If you need money to make ends meet, different lenders and the U.S. Small Business Administration (SBA) are offering loans to those affected by coronavirus.
Don't Let Coronavirus Hurt Your Financial Future
By reacting swiftly when paying the bills becomes difficult, you can protect your economic security and maximize your chances of coming through the coronavirus unscathed. Call your creditors, and look into your benefits ASAP when you worry about not being able to pay your bills so you can put a plan in place to get through these tough times.
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