How a Call Can Solve Your Financial Problems from Credit Card Bills to Unpaid Debt
It’s a fact of life. Debt and bills don’t just fade away even when one goes through financial troubles or the loss of their income.
This unwanted scenario has become a reality for many people who lost their job or suffered losses due to the effects of the coronavirus on the economy. But it doesn’t mean that one should just accept their unlucky hand.
Here’s one relatively simple way people can alleviate some of their financial woes.
Reaching Out
As some experts recommend, it would be wise to give one’s bank or credit provider a call if they’re struggling to pay their credit card bills. One report from LendingTree shows encouraging results as consumers who reached out to their card issuer have mostly gotten positive responses.
The online lending marketplace’s survey also found that some of those who asked for a reprieve was even successful in getting a break on more than one card. What more, there are also banks that are giving their clients options to help ease their financial burden.
Some of the ways these institutions are doing so are through lower interest rates or minimum payments as well as the waiving of late fees.
Avoiding Credit Score Hits
People shouldn’t stop speaking with their credit provider after securing favors though. For example, one should also inquire whether they still report late payments to credit companies despite letting clients skip payments with no penalties.
If they do, this might mean a blow to an individual’s credit score. There are scenarios when a person’s score can be brought down by as much as 70 points because of a bad report.
That said, it would be helpful if people get something in writing when they agree on certain conditions with their credit provider.
Widespread Debt Problem
This current problem is indicative of just how credit card debt has become a burden for consumers. Individuals who carry balances on a monthly basis reportedly owe an average of $7,100.
But that isn’t the only debt people have. They also have mortgages and student loans to keep in mind amidst job uncertainty or unemployment.
The good news is that repayments on these loans have been put on hold. Interest will still continue to accrue though and reprieves won’t let people off the hook for what they owe.
More in Business & Finance
-
`
Branded Content: A Genuine Way to Connect With Your Audience
Have you ever binge-watched a series on Netflix, only to later realize that the beverage everyone’s sipping on is that brand...
April 23, 2024 -
`
What Car Does Jeff Bezos Drive? Find Out Inside His Exclusive $20 Million Collection
Have you ever wondered what car does Jeff Bezos drive? This man’s tastes in vehicles are as expansive as his business...
April 17, 2024 -
`
Redeeming Your Savings Bonds – Here’s What You Need to Know
Today, savings bonds stand out as a steadfast option for many Americans. If you are pondering over the process of U.S....
April 11, 2024 -
`
How to Make Your Savings Last Long in Retirement | 6 Practical Tips
There is no doubt that navigating the golden years of retirement is an exhilarating phase, filled with the promise of leisure,...
April 4, 2024 -
`
Here’s What Homeowners Need to Know About AAA Home Insurance
Homeownership is a dream for many, but with it comes the reality of ensuring your investment is well protected. This is...
March 26, 2024 -
`
“Chicago Fire Season 12″ and Taylor Kinney’s Return | Is It Sabotaging the Severide’s Character?
“Chicago Fire” has always been more than just a show about firefighters. Fairly so, “Chicago Fire Season 12” is a saga...
March 22, 2024 -
`
What As a “Good” Annual Percentage Rate (APR) on Your Personal Loan?
More often than not, personal loans can feel like trekking through a financial jungle. Among the most baffling elements is the...
March 12, 2024 -
`
The 10 Best Investments to Consider in 2024
The past year surprised many with a resilient stock market that defied expectations, even amidst rising interest rates and potential recessionary...
March 8, 2024 -
`
How Pulley Is Reigning Supreme Over the Fintech Industry
Pulley, a cap table management firm based in San Francisco, is making headlines by challenging established players in the fintech industry....
February 27, 2024
You must be logged in to post a comment Login