Today the corona virus is affecting a lot of people financially in America for which you can take several measures to extricate yourself and your close ones.
Following are some steps which can be taken if you are facing difficulty in settling your bills and many more responsibilities:
Talk to your lender or union creditor
If you are not able to pay bills on the due date then check the information on website of your lender, if they have something to help you. As, various financial agencies get motivated by CFPB to provide their customers, good service and help them to solve their queries.
COVID-19 to spoil you financially in US
In case, you are not in the position of paying now and need some extra time then talk to your lender and find out the way by explaining them whole circumstances. Because if you’ll not find the way then it can have adverse effect on your credit scores.
Perhaps, with the help of your payday lenders you may get some offers such as renounce of extra charges of late fees, overdraft and your payment can be adjustable. When you are contacting your loan provider then you must explain following to them:
- About your financial situation and the status of your job.
- What is the amount that you can pay presently?
- When you would be able to pay regularly?
- You have to explain your salary and expenses.
You can take help from credit and housing counselors
The help from experts can always be the better option either in any case but here we are talking about your financial issues that you might be facing due to this pandemic situation of COVID-19.
HUD-Housing Complex: There are many things related to your mortgage which you can converse about, with the US Housing Department and HUD. It can help you via the forbearance of payment or adjust your payment.
Credit Counselor Organization: Such agencies can be very helpful in finding a way for you to tackle your issues regarding budgeting everything and provide you guidance related to debt.
Does your payment of the student loan bother you?
If you have applied under the federal government then don’t worry, as no interest will be deducted till 30th September,2020.
But in case your loan is different and taken from credit union, private banks or any other then you can directly contact with your lender
Does your payment of credit cards bother you?
Call your credit card company and explain them regarding the current situation of yours and job status also. Through this you may get some sigh of relief.
Otherwise you can take suitable advice from Credit Counselor which can help you in negotiating with your lenders.
What if you don’t get your full salary?
The US government is trying to help people who are suffering financially due to COVID-19. You can check the policies that are designed only to provide benefits to the citizens such as CARES act is specially passed to help people who are suffering along with $600 per week and the welfare of 13 weeks due to this outbreak of coronavirus.
In addition to this, the virus is affecting older people more so perhaps, government have various health and financial benefits for them.
For what things you need to be careful about
Whenever it’s time of any emergency, scammers seem like a great chance to that person who is suffering from a great trouble. You might be getting so many mails, calls, text messages or getting allured by advertisements but be careful, it might be false because a person in difficulty can be the soft target of scammers. They can tell you various things about the offers due to this epidemic which can attract you but don’t forget to check the benefits that government have decided to provide you and policies that are designed only for this terrific situation.
There are several ways told by Federal Trade Commission to not get trapped in such cases. It can help you to check what possibilities can occur. It will not give you the 100% guarantee but can make you aware of such circumstances.