Unemployed Americans do not have access to financial aid against coronaviruses

Help with credit card bills

You may be able to get help from your credit card company. Most large issuers waive fees and allow customers to delay payment. Many grant new eligible cardholders extensions to earn welcome bonuses.

This list of large credit card companies shows the range of aids, such as the ability to skip payments and even receive lower interest rates. The help you receive depends on your personal situation.

Ask for a written statement which details the terms of anything you agree to.

Banking problems

Although the Federal Reserve has made loans cheaper with lower interest rates, loans can be more difficult to obtain. Banks are tighten their lending standards, and this means that the availability of credit is decreasing.

It may still be possible, however. The NerdWallet personal finance website has a list of loan options, including payday loan alternatives from credit unions and information about online lenders.

The American Bankers Association maintains a regularly updated list of banks of all sizes and what they do, from offering loan modifications and interest-only payments to extending new lines of credit to creditworthy borrowers.

Paying Student Loans

Borrowers with federal student loans have relief in the form of suspended payments and 0% interest until October, and another government stimulus package could extend this break for another year.

A recent class action lawsuit, however, says it does not play out exactly as expected. Check your credit report to see if your payments are misreported, which can impact your score.

If you have a private student loan, see the strategies offered by the not-for-profit Institute of Student Loan Advisors Corporation.

Auto credit assistance

The 2020 Nissan GT-R

Mack Hogan | CNBC

Most auto lenders provide support to their customers. If you need help, the first thing to do is to contact your lender as soon as possible to discuss options.

One of the more generous offers is Hyundai and Genesis’ six-month payout relief for homeowners who lose their jobs. Maserati waives late fees and insufficient funds charges.

The automotive resource site Edmunds.com regularly updates its listing manufacturers and lenders with relief programs.

About Hannah Schaeffer

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