As COVID-19's relentless threat continues to slow down economies around the world and in the United States, it is undeniable that a reduced or loss of income for the general population presents a burgeoning financial threat for businesses and consumers like you and I alike.
There will be people in the community struggling to put food on the table, there will be people struggling with paying their bills and mortgage, credit card balances and more. Some may even have to deal with unfortunate job losses temporarily as businesses cut back on their operation costs and spending.
The federal government as well as financial institutions in the country acknowledge this glaring but hard to stomach truth. And that is why as of time of writing, the Trump administration is for the idea of sending cash payments directly to Americans to help the greater portion of the nation tide over hard times. This welcome move is part of the broader $850 billion stimulus proposal that was being deliberated. Trump has also made clear taxpayers are allowed to postpone making income tax payments that are due on April 15 for 90 days wihout incurring penalty or interest.
In light of the rapidly evolving and spreading COVID-19 virus, several credit card issuing banks in the United States have come forth in making clear their intention to extend temporary relief to credit cardholders who are currently tackling or expect to tackle financial hardship in this trying time.
Credit card issuers like American Express, Bank of America, Capital One, Chase, Citi, Discover, Barclays, Wells Fargo etc all encourage customers experiencing financial hardship due to the coronavirus, to reach out to them as soon as possible to discuss issuer-specific options that could come in handy especially if your credit card balances are accruing interest as per usual.
Temporary relief extended to customers facing financial hardship may include things like late fee waiver, return check fee waiver, the waiving of interest charges temporarily, reduced monthly payments, temporary interest rate reduction, the ability to skip payments temporarily, the ability to get a temporary credit line increase, collection forbearance options etc.
Keep in mind the options available will vary across the different credit card issuers and that temporary relief extended to you will be highly individual solutions specific to your unique circumstances. It is crucial that you reach out to your credit card issuer as soon as possible and be very honest about your situation, however difficult it may be to speak truthfully about.