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Bill Payments May Be Paused for Those Impacted by COVID-19

March 24th, 2020 Firm News
COVID-19

No matter where you live in Arkansas or Oklahoma, you have undoubtedly been impacted by the COVID-19 (coronavirus) pandemic. While the U.S. government rightly continues to focus on the health and safety of its citizens, requiring non-life-sustaining businesses to close, many families and individuals are finding themselves in difficult financial situations: Many people live paycheck to paycheck and without steady income paying bills becomes nearly impossible.

While this can be a devastating time for so many, if you have been financially impacted by the coronavirus, there are certain bills that you may be able to pause payments on for the time being.

Credit Card Payments

Missing a credit card payment can not only create additional interest, but can even hurt your credit score, which can impact your ability to find housing among other things. But luckily, many credit card companies have decided to help those who have been financially affected by the coronavirus. They invite these individuals to contact one of their representatives in order to discuss potential options, which may even include skipping this month’s payment – without interest.

Utilities

Another bill that you don’t ordinarily want to miss is that for your utilities. But luckily many compassionate companies have shared that they will not shut off their customers’ power even if they are unable to pay for the time being. It’s a good idea to look at their website and call your utility company to see if they are willing to work with you on your payment obligations.

Memberships and Subscriptions

With the exception of memberships and subscriptions that you are using more than ever right now (think Netflix), you can save money by cancelling your memberships and subscriptions. You may be given the option to pause your monthly payments for memberships or subscriptions rather than cancelling, so as not to risk incurring another fee to join once again.

Student Loan Payments

President Trump has announced that those with federal student loans may choose to pause their payments for as much as 60 days, which may be applied retroactively starting on March 13. Since Trump has also paused federal student loan interest, pausing your payments, also called forbearance, will not create more debt. This option is for all borrowers; no proof of financial hardship is necessary. You must simply call your loan servicer.

Likewise, many private student loan companies are welcoming borrowers to call to discuss their options should they be financially impacted by the coronavirus. Many lenders are offering forbearance, lower monthly payments, and short-term payment relief.

Wishing you and your loved ones safety and health during this difficult time.

Had some questions about Bankruptcy and Spoke with Judy in the NLR office. She was very professional and quite informative. I left the conversation understanding the steps I needed to take! Would absolutely work with them again!

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