Unemployed Americans aren’t accessing coronavirus financial assistance

Help with credit card bills 

You may be able to get some help from your credit card company. Most of the big issuers are waiving fees and allowing customers to delay paying. Many are granting eligible new cardholders extensions on earning welcome bonuses.

This list of major credit card companies shows the range of assistance, such as the option to skip payments and even receiving lower interest rates. The assistance you receive depends on your individual situation.

Ask for a written statement that details the terms of whatever you agree to.

Banking issues

Though the Federal Reserve has made lending cheaper with lower interest rates, loans may be harder to get. Banks are tightening their lending standards, and that means credit availability is shrinking.

It may still be possible, though. Personal finance website NerdWallet has a list of loan options, including payday loan alternatives from credit unions and info on online lenders. 

The American Bankers Association keeps a regularly updated list of banks of all sizes and what they’re doing, from offering loan modifications and interest-only payments to advancing new lines of credit to creditworthy borrowers.

Paying student loans

Borrowers with federal student loans got relief in the form of suspended payments and 0% interest until October, and another government stimulus package might extend that pause for another year.

A recent class action suit, though, says this isn’t playing out exactly as planned. Check your credit report to see if your payments are being misreported, which can impact your score.

If you have a private student loan, check the strategies offered by the nonprofit Institute of Student Loan Advisors Corporation.

Car loan help

The 2020 Nissan GT-R

Mack Hogan | CNBC

Most auto lenders are providing support for their customers. If you need help, your first best move is to reach out to your lender as soon as possible to discuss the options.

One of the most generous offers is six months of payment relief from Hyundai and Genesis for owners who lose their jobs. Maserati is waiving late fees and insufficient funds fees.

Auto resource site Edmunds.com regularly updates its list of manufacturers and lenders with relief programs.

Be the first to comment

Leave a Reply

Your email address will not be published.


*