Chances are, your organization made massive changes because of coronavirus shelter-in-place and other orders. Some of them should be temporary, but some of the changes should be permanent. Let’s look at a few things that have changed.
America Today: Millions of consumers across the US are confined to their homes. Schools are closed. Businesses are not allowed to be open.The streets of NYC are empty because people are scared to leave home. Sports games across the nation have been canceled.
If you just awoke from a coma, you’d think we were being attacked by aliens. But one thing is still the same … people still have credit card debt and new bills will continue to arrive in the mail.
Is the government offering a credit card debt relief program?
The government is offering to assist US consumers by giving people in need $1,000 each, but that will not help to pay off maxed-out credit cards. The government is also offering relief on medical bills and federal student loans. Unfortunately, the government credit card debt relief program does not yet exist.
You do have options. You can use debt relief programs, like the options available through Golden Financial Services, an A+BBB rated debt relief company, or you can work directly with your creditors. Credit card companies are offering relief, but it’s limited. For a permanent solution consumers can utilize debt settlement, validation and credit counseling plans.
The following page explains each debt relief option that you have available if you are currently experiencing financial hardship related to Coronavirus.
Working directly with your creditors:
Simply call the phone number on the back of your credit card.
Here are the main options that most credit card companies are offering:
- Increase your credit limit
- Waive your next monthly payment
- Offer credit card forbearance
Explain to the credit card company that your income was reduced and tell them the details. Ask them: “What can you do to help me, since I can’t afford to pay anything now?” Let them tell you what they have to offer, if it’s not sufficient, let them know just that. Credit card companies are being urged to work with their customers during this hard time.
Where to find a reputable debt relief company? Visit BBB.org, TrustedCompanyReviews.com, Yelp.com. These sites will show you the best-rated companies and real customer reviews.
You don’t want to have your payments deferred because interest still accrues, so over the long-term this option is not helping you it’s growing your debt.
Explore Debt Relief Programs
According to Golden Financial’s national debt calculator, $30,000 in credit card debt can get resolved in approximately:
- 36 monthswith a debt settlement program
- 30 months with a debt validation program
- just under 5 years with consumer credit counseling
Debt settlement leaves late and collection marks on credit reports, but on a positive note it is one of the fastest programs to pay off debt. With debt validation, this can be your least expensive route and the only one that includes credit restoration and a money-back guarantee.
If someone calls you about a program to help you pay off your credit card debt and claiming to be the actual credit card company, hang up and call the number on the back of your credit card to verify if it was truly your credit card company calling you.