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The Coronavirus poses a serious hazard to our society in both aspects: well-being and finances. The essential actions we all already know: keep social distancing, call a doctor if you have symptoms, wear protective masks and wash your hand properly. But what about the financial aspect? 

First of all, if you’re in debt and seriously affected by coronavirus and need to reduce your payment, please email us at consult@financialrescuellc.com  or call us 877-973-3287 and we will help you. 

Coronavirus (COVID-19) is severely transforming our lifestyle nowadays, including our professional environment. Many people face a reduction in income or job loss altogether and will find it challenging to handle their student loans, mortgage payments, credit card bills, and other debts.

How can coronavirus affect your finances?

Mortgage payments. 

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 or another form of short-term immediate mortgage relief, like a waiver of late fees.

Credit cards, business or personal loans.

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. Available help includes credit line increases, collection forbearance, and skipped payments.

Banks, credit unions, and other financial institutions are offering loan extensions and postponed payment options, among other things, if you'll have trouble making payments on a personal loan or small business loan.

Utilities, Phone, Internet

Many states including California, Connecticut, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, and Wisconsin, and some of utility companies, have ordered a moratorium on utility shut-offs. To find a regularly-updated list of states and companies that have implemented disconnection suspensions, go to the Energy and Policy Institute website. “Clean, safe, affordable water is a basic human need … it is unacceptable and inhumane to shut off people’s water because they can’t afford the bill,” said Michigan Congresswoman Brenda Lawrence.

Many phone and Internet providers are also waiving late fees and postponing shutoffs. Some providers are giving free Internet service to new customers or unlimited data to current customers for a limited amount of time.

Auto loans.

Lenders are flexible and accepting late payments and offering different alternatives for those who can’t pay their loans anymore.

What should I do if I'm worried about debt and coronavirus?

If you're worried about the impact of the illness on your finances do these simple steps:

  1. Prioritize your payments
  2. Talk to your bank or lender.
  3. Get debt help as early as possible. 

Financial Rescue, LLC can give you that help with our debt relief solutions. We will help you settle your debts, cut down the total amount you owe and consolidate your debts into a single low payment. This is your chance to take on your debt and start building your savings. Contact us today to learn more.

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