Uncategorized · July 8, 2021 0

Reduce or Delay Paying Your Bills During the COVID-19 Crisis

The COVID-19 pandemic is wreaking havoc on the finances of many people. Over 22 million workers have become unemployed in a short period of time. Unemployment benefits are available for laid off workers, freelancers, independent contractors, and gig workers, but the availability of some of those benefits has been delayed due to the crush of applications and the need for unemployment offices to create and install new payment systems.

In the meantime, bills are piling up for financially strapped individuals. Many creditors are willing to help you through this difficult time. But the key is to reach out to the creditors before you fall into default, explain your situation, and ask for hardship assistance.

Creditors are receptive now to granting financial help, as they are under tremendous regulatory, governmental, and PR pressures to help affected individuals. And the recent CARES Act enacted by the federal government on March 17, 2020, provides various protections and benefits for individuals and small businesses.

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It’s best to request accommodation before you fall behind in your payments. Otherwise, this could ultimately hurt you credit score.

The accommodations typically fall into deferred payments and waived payments. Deferred payments mean that you don’t have to make the payment now, but that you will have to do so at some later agreed upon date. A waived payment means that you don’t have to repay it.

The following provides some advice on how to reduce or delay paying your crucial bills.