COVID-19 Credit Card and Debt Relief Resources
Most banks and credit card issuers are now offering at least temporary (2-3 month) relief to consumers impacted by COVID-19 in the following areas:
Deferral of minimum credit card payments for up to three months (interest still being charged, however)
Deferral of mortgage and auto loan payments for up to three months (again, interest still being charged and in most cases, the term of the loan is extended for up to an additional three months)
Waiver of late payment penalties / fees
No reporting of late payments to credit bureaus
Waiver of ATM, overdraft, safe deposit box, low balance and other banking fees
Each financial institution is unique, some are more on top of this than others and most require some sort of online application or a phone call to opt-in to these programs.
Here's a great article in Forbes that has a lot of information about the various financial institutions and what they are offering with links to their websites. The credit bureau, Experian also has some great resource links on their COVID-19 resource page. I would recommend you check your financial institutions to see what they offer and if you are impacted, be sure to apply for the relief available. If you are unaffected by COVID-19 and are not otherwise in a hardship situation, most of the financial institutions will require that you continue to make your scheduled payments as usual.
You may also be able to get some relief from your auto insurance company on premiums since you are most likely not driving as much during the quarantine - all of the major insurance companies have a program now to rebate back some of the monthly insurance premium to policyholders and payment deferrals for those who are impacted by COVID-19.
Stay safe, healthy and positive.
I hope you find this post useful as you chart your personal financial course and Build a Financial Fortress in 2020.
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