Managing Bills During Covid-19

Covid-19 has presented many challenges in the last several months and continues to have a profound impact on our everyday lives. People are still unemployed, struggling to gain back their financial stability and in need of a helping hand. If you are struggling on making your payments on time and don't know where to ask for help, here are some tips that can point you in the right direction.

First things first, talk to your creditors. Since the coronavirus pandemic started, programs have been created to help those who have been financially affected. "You just have to call around and see who's offering those programs," says Bruce McClary, vice president of communications for the National Foundation for Credit Counseling.

Every person's situation is different which is why you should understand the different relief options available to you. If you are struggling to make your house payment, your mortgage company may have options like forbearance on payments. This may not apply to every mortgage loan, but if it's backed by Fannie Mae or Fannie Mac, or you have a VA, FHA or USDA loan, then relief has been provided through the CARES Act and could be a helpful strategy to strengthen your financial situation. Even some auto loans have payment relief options to explore, but make sure you understand all details of these relief arrangements before opting right in. 

Moving on from auto and mortgages loans, if you have medical or utility bills that you are struggling to pay on time, explore relief options with them, too. These programs have been created for your very circumstance, so don't hesitate to call and ask questions. Aside from asking for help, you may want to look at your current expenses and cut down where you can. For example, your tv, phone or internet packages could be dropped down to a smaller package temporarily to save money for other expenses.

Keep reading to learn more strategies on paying your bills during Covid-19.

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