While the COVID-19 Pandemic is at its forefront in our world today, many of us are faced with challenges. A lot of us have experienced a loss of income or an increase in expenses. With families being home a lot more the everyday cost of living has likely increased. Federal regulators and their state counterparts are working diligently to keep our financial system safe. There are ways to get assistance if you find yourself struggling to keep up with your bills.
If you can’t pay your bills-Don’t hesitate to contact your financial lenders and creditors if you can’t keep up because COVID-19 has cost you income. The CFPB and other financial regulators have encouraged lenders to work with their customers during this time. We recommend to contact your financial institution to see what they have available.
If you can’t make your mortgage payments-The new CARES Act allows homeowners with federally backed loans who are affected by the pandemic to request a forbearance of their mortgage for up to 180 days. The forbearance can be extended for up to an additional 180 days. Private mortgage loans may also offer programs.
Student loan assistance-The CARES Act also The CARES Act also automatically suspends payments on federally-held student loans through September 30, 2020. For help with a student loan other than a federally-held loan, you should contact your servicer to see what options are available to you. through September 30, 2020. For help with a student loan other than a federally-held loan, you should contact your servicer to see what options are available to you.
However, if you can pay your bills we recommend that you do so, you will likely be better off staying on track than using a program that lets you pause or reduce payments because in the end you will still owe the money that was paused once the program has been completed. This could negatively impact your credit and your future. This will be over so remember to keep your money safe!
A goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link creditservicesofamerica.com to schedule your FREE consultation and create your personalize plan to achieve your credit and debt GOALS!