Manage Credit Card Debt – The coronavirus pandemic is wreaking havoc across the globe. You are probably one of the millions and millions of people who need financial relief. The bills are piling up. You may be working with a shoestring budget. You may or may not have been furloughed from your job.
There are relief options available. The stimulus checks will help out a lot of people. However, millions of people are running into the same issue. That stimulus check can only take you so far ( if you qualify get one )
What Happens When I Can’t Get Credit Card Relief?
What happens when you spend the money from the stimulus check and still have bills to pay? What happens if you do not get the check( as you thought you might) and take out more loans and extend your credit just to take care of the problem?
You are going to wind up in the same place you started ( more credit card debt).
You are going to need some help settling your credit card debt.
The Silver Lining To Settling Credit Card Debt
There are a few credit card companies that are stepping up to ensure you get the relief you need. These companies are trying to loosen the burden(especially if you do not get that stimulus check you are counting on).
Let’s take a look at some of the examples of the relief being offered.
Bank of America
You would not normally think of a credit card issuer to be something of a relief, but here we are.
Bank of America issued a statement recently in their press release
Some of the relief Bank of America is offering includes helping out small businesses and requests for deferred payments. You can also get requests for late fees for payments removed.
All you need is to visit their support page. Contact them through their phone chat systems and online support. You can also use your mobile applications to get the relief you need.
The role of a credit card debt relief company is to bring relief on a case-by-case basis. That is what Bank of America is doing. You will need to show them documentation regarding the type of relief you might need.
Barclays is another partner concerning the roles of a credit card debt relief. Barclays has a dedicated page for the COVID 19 crisis
What the company is doing is offering advice on which digital channels can help. To date, there is no specific one-on-one information on how the company is helping to reduce credit card debt.
You can call the company for information. However, the company does warn its customers that the wait times will be longer than usual. Representatives for Barclays encourage the customers to use the tools already available to them, including the online sites and mobile applications).
Customers are encouraged to call the support staff for information, including FAQs. However, just like Barclays, the company does not give definite information on relief from credit card debt.
Overall, the company does offer credit card debt relief and support but is not going into specifics. You will need to call them to find out how they can help if they can help.
This is one company that goes into detail about the types of services they are offering their customers.
Citi is one of the more proactive companies offering credit card debt relief.
Customers need to call the company to find out what can be accomplished. Citi is handling every customer on a case-by-case basis.
Credit card debt is a troubling issue for many. Those of you who have an account with Citi might have a way out.
Goldman Sachs (Apple Card)
You may have already received an email about enrolling in the Apple program. Those who did not might want to check your spam folders. You also might want to check your trash folder before you delete the contents.
The email contained information on credit card debt and how to get the much-needed relief you need. There is an Apple assistance program that allows card-holders to skip the March payment without added interest.
You do have to enroll though. The company is not giving it away for free. That is where there is some confusion. Companies do not always know when someone has credit card debt. You have to tell a rep so they know.
Did you already have an automatic payment scheduled? You will need to stop the payment after enrolling. Otherwise, the company is going to deduct the payment from your account.
What about this month or next?
You will need to talk to a representative about that. Customers cannot just assume that the payment will be halted until further notice.
The one issue is there is no mention of eligibility. That is why you are encouraged to contact the company to find out how you can apply.
Navy Federal Credit Union
This is another company that makes no mention of eligibility requirements or who can apply. Customers(once again) are encouraged to call the company to find out their options. What we do know is you could have options that include things like deferred payments, loan extensions, and credit limit increases( though that could hurt more people in the end if they are not careful about how they use the privilege).
Other companies that are offering some form of relief during this time include U.S. Bank, USAA, Wells Fargo, and PNC Bank.
Five More Solutions Concerning Credit Card Debt
This list is not every company. You can always contact your financial institution if you are worried about if they plan to do something.
Consumer Credit Card Relief will provide the assistance you need in these times of need. They will consolidate all the debt you currently have, merge them into one simple payment flexible with your income. Give them a call for a free consolidation
Some Questions To Ask Your Banking Institution
1) Ask about skipping and/or deferring payments. They are not going to read your mind. You need to address specific concerns concerning deferred payments.
2) Do you waive late fees? Some will automatically during troubled times. Others will not do it unless you ask.
3) Do you report my late payment to the credit bureaus? You need to talk to the company about that in a specific way. Some companies might waive the late fee but report it anyway.
Yes, that is one of those double-edged sword type things, but that is the way some companies work.
4) Another question you should ask concerns the penalty APR. That is when the company raises your interest fees due to a missed or late payment. They kind of slide it in the backdoor( so to speak). Check your statement. You might see additional fees due to a missed or late payment that just clocked in. That is what they did. That might be something you need to address when you ask about relief options during the COVID 19 pandemic.
5) One final question could be about your credit card limit. You need to be warned though. Increasing it now to pay off something could cause other issues later. That is one thing you might need to think long and hard about before you do it.