If you are like many Americans that have been impacted by COVID-19 you may have reached out to your credit cards to ask for assistance. Many credit card companies were allowing customers to defer payments for a period of 60-120 days which means many of these deferrals are due to end in August. With millions still out of work and the additional $600 unemployment benefits ending this may make it difficult to resume making credit card payments. So, what are your options if you’re still struggling?
If your deferral period is coming to an end and you still can't pay, don't assume you're stuck. Call your banks and lenders and discuss your options. You need to talk to your lenders because they won’t know what you’re going through otherwise. Even though the bank’s website may state that the deferral program is only for a set timeframe, because the pandemic is an unprecedented situation, numerous companies are working with customers on a case-by-case basis.
Before you call, make sure to be prepared for longer than average wait times. Many companies are still working remotely or with reduced staff which can increase hold times. It’s important to make sure to have your account information, statements and any notes from previous calls handy when you call.