For several people, a credit card is a significant resource when things are not going well financially. If you have lost a lot of income recently due to the coronavirus pandemic the credit card will be a significant lifeline for meeting your business requirements. However, if you fail to make the payments on time the credit card debt can add up quickly and it can become a long-term financial challenge. But most of the credit card companies are willing to work with their clients affected by the coronavirus pandemic. In case you are unable to make your credit card payment or you think you will not be able to do so in near future notify the credit card company immediately.
Stay on top of the credit card payments
If you are unable to make your payments on time there is every likelihood that you are facing several tough financial decisions. However, even during the tough times, there are many good rules you can follow to stay abreast of the credit card debts and you are within the striking distance of a quick recovery.
1. Try and keep making the minimum payments: It may be difficult to achieve this if you have lost your job and are forced to prioritize the bills. There will be some opportunities to get financial assistance from the credit card companies however the interest rates will continue to collect. In such cases, it will be a good idea to make the minimum payment and on time to ease up the burden later.
2. Pay close attention to billing and check out for different errors: In case you think there is an error in the credit card statement send a billing error notice to your credit card company. The company will investigate the matter within a stipulated time and respond to you. But due to the coronavirus situation most credit card providers are facing challenges. This may force the companies to take longer than usual to process your request.
3. Look for a 0% APR card: Many cards offer 0% APR for a limited period such as 12 to 15 months if you are getting a new credit card. As noted by CNBC you must pay off the balance before the promotional period is over otherwise you will start accruing interest. You can also find credit card companies that do not charge an annual fee.
4. Know the debt collection rights: In case you have a debt and the collector is trying to get in touch with you, it will make a difficult time even more difficult. First, make sure that the collector is legitimate by establishing his identity. However, keep in mind that you have a lot of rights and the collector can work on a solution with you for realistic repayment options.
5. Tell the credit card companies about the impact of coronavirus pandemic on your finances: You have to make sure that you inform the credit card companies about your situation due to the COVID-19 pandemic. Remember, most companies are offering various programs at the moment for people who have lost income due to the pandemic. But, be ready to provide the necessary documentation regarding your current situation.
During these difficult times getting a bankruptcy attorney to file for bankruptcy remains an attractive option for the economically distressed people. However, you need to consider all your alternatives. If you have decided to file for bankruptcy you have to do it properly by using a bankruptcy attorney to sweep away a major portion of the debt. For consulting a professional and experienced bankruptcy attorney in Tampa Bay, FL area contact Weller Legal Group for an appointment.
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