COVID-19 has not only changed the way we do things but the future as a whole too. During this pandemic, many people have lost their jobs, businesses, and livelihoods due to community restrictions. As a result, many people are looking for ways to pay for things, make quick cash, and so on. According to Credit Cards, nearly half of US adults (47%) currently have credit card debt, which is an increase from a similar study done in March. So what should we do about credit card debt during a pandemic? Here are a few tips on relieving credit card debt during COVID-19.
Credit Card Companies
One of the first things you can do if you are experiencing credit card debt is to contact your credit card company. When the pandemic began, credit card companies were seeing how their customers were directly impacted. To help out, some companies were offering different programs to help customers with their debt. Contact your cardholder to see if they are offering relief options like lowering or deferring your monthly minimum payment. Some of the other ways companies are helping are by waiving or refunding late fees, reducing interest rates, and creating payment plans for existing balances. Make sure to get a written copy of any agreements you make, so you are protected.
As stated before, some companies are offering various payment plans for existing balances. If your card is not one of those, the best thing for you to do is to continue small payments. You do not have to pay off all of the debt at once, especially now. By making low and minimal payments, you are still chipping away at the block, even if it does not seem like much. These small payments will add up in the end and can help you make progress with your credit card debt. It may not be done all at once, but don’t lose hope!
Another way to navigate credit card debt during COVID-19 is by finding a support system. Debt support can come from a variety of places, including your credit card company and a financial coach. For example, some financial institutions are offering their debt relief services to those affected at this time. Debt relief companies, like Mid America Debt Relief, recognize how hard this time can be for people. We have little to no control of the state of the world, so it’s essential to support one another. Navigating credit card debt, and other forms of debt can become extremely overwhelming without a pandemic happening. We want you to know we are here for you!
At Mid America Debt Relief, we offer a free 55-minute consultation to help you find a solution. We offer a variety of services, including debt relief, debt consolidation, credit card counseling, and so much more. If you would like to learn more about how to navigate your credit card debt during this time, we are here to help. We want all of our clients to feel supported during this unknown time and know you do not have to a hostage to COVID-19 credit card debt. For more information or to contact us for a consultation, contact us online here or call us at (636) 223-5900 today.