Personal Finances in COVID-19 Times

OS Tips & News

If you’ve been following all the up-to-date news and information about COVID-19, you’re aware of more precautions and necessary measures being taken by federal authorities. More and more businesses, restaurants, and public facilities are being shut down and an increasing number of workers are advised to quarantine at home. This can lead to income concerns and financial losses for many people across the country that won’t be able to report to work in the weeks or months to come. With so many things and factors that fall outside your control during these unprecedented times of COVID-19, you can and should take control of your personal finances.

Review the below steps on how to keep your finances in check for the remainder of this quarantine period.

  • If paying your bills or other financial obligations will be a problem, make sure to contact your lenders and loan servicers to figure out options according to your circumstances.
  • The Consumer Financial Protection Bureau and other financial regulators recommend financial institutions to work with their customers.
  • Some lenders and credit card companies can help by waiving fees, plus may let you delay, adjust, or skip some payments. Be prepared to:

  • Explain your situation
  • Consider the amount you can afford to pay
  • Mention when you can restart regular payments
  • Discuss your income, expenses and assets for mortgages
  • For those of you that have student loans, contact your loan servicer and check about repayment opportunities or a reduced payment plan.
    If you won’t be able to pay your auto loan payments, you can request a payment extension or change the date of your payment. Simply call your lender and discuss other alternatives.
  • For mortgage concerns, there are professionals that can assist you during these times of crisis.
  • Contact HUD-approved housing counselors and credit counselors that will work with you, whatever your situation, to figure out options for payment and aid you in negotiating with your loan servicers and lenders.

Source: Consumer Financial Protection Bureau