We’re still living with this coronavirus, and as such many consumers are feeling the squeeze financially. To compound matters, some of those individuals are also dealing with credit card debt. Well, all is not lost. Many financial institutions, businesses, and federal and state governments are offering a lifeline to those affected by the pandemic.
Check out the following info about COVID-19 credit card and debt relief.
Personal Loan and Mortgage Lenders
If you’re worried about repaying your loan, or the unspeakable possibility that you could lose your home, many mortgage and personal loan lenders are on board with guidance and other help. The long list includes Best Egg, Earnest, Eloan, Fannie Mae, Freddie Mac, Lending Club, Mariner Finance, NetCredit, Opploans, PNC, Rise, and many more.
Avant, for instance, on its COVID-19 Readiness Plan page, offers updated features to help you schedule and change your payments, view your account, and see transactions, balances, etc., in other words, do as much impossible online to help you stay safe. Avant also offers contact info for those who need additional assistance.
Again, if they weren’t mentioned above, ask your lender or mortgage holder what they can do for you. You may be pleasantly surprised.
Credit Card Issuers and Banks
You’re likely here because of credit card debt more than anything else. On their websites, nearly all major credit card issuers – plus many regional ones – are offering specific guidance and other assistance related to COVID-19. So, you should certainly inquire into your bank.
Among banks and credit card issuers providing relief are American Express, Bank of America, Apple Card, Chase, CBC Federal Credit Union, Citizens Bank, Citibank, Deserve, Gesa Credit Union, Discover, Citizens Bank, Wells Fargo, USAA, Navy Federal Credit Union, and more. For sure, there’s credit debt relief to be had.
Take US Bank, for instance. On its COVID-19 Information page, it has information on available federal relief programs, the latest stimulus package, mortgage assistance, the Paycheck Protection Program, the Economic Injury Disaster Loan, the Shuttered Venue Operators Grant Application for small businesses, and the Restaurant Revitalization Fund.
The US Bank webpage also highlights new products and services to help people through the pandemic. In addition, there’s a description of safety precautions in place at the bank’s branches and help with how customers can safely manage their accounts online.
There is some assistance available for student loans. SoFi, Navient, MyFedLoan, and Great Lakes Student Loans, among others, all offer help. Common Bond, for example, has a Q&A about COVID-19 help, information about federal student loan relief and eligibility and loan terms.
Hey, the government has a vested interest in keeping you healthy and spending, which helps our economy. So, there are government resources on every level to help you, not including the CARES Act and American Rescue Plan Act of 2021. To wit, the Consumer Financial Protection Bureau is providing guidance and education for those who have been hurt financially by the pandemic. For its part, the Federal Communications Commission is offering guidance on how to keep Americans connected.
With the economic uncertainties caused by COVID-19, most car lenders have announced plans to help their customers stay on the road. Those efforts include lease extensions and payment deferment options. Some lenders even have established COVID-19 resource centers for customers in need.
Now that you have a good idea what’s out there in terms of COVID-19 credit card and debt relief, your anxiety levels should be way down. Take advantage of what’s available mto keep your finances together.