Protecting Yourself Financially from the Coronavirus
- Kia Wells
- May 6, 2020
- 2 min read
As the entire country is experiencing many trials and tribulations during the worldwide pandemic, protecting you and your finances is vital. Many steps you can take proactively will protect you and your family from a huge financial fall. If you’re not able to pay your bills on time check the company’s websites, to see if they have posted information that can help you.
Many financial regulators have encouraged institutions to work with their customers to meet their community needs. If you can’t make a payment now, need more time, or want to discuss payment options, contact your lenders and servicers to let them know the specifics of your situation. Being behind on your payments can have a lasting impact on your credit. Credit card companies and lenders may be able to offer you options to help. This could include waiving ATM fees, overdraft charges, and late penalties, as well as allowing you to delay, adjust, or skip some payments. When contacting your lenders, have your income, expenses and assets in front of you and be prepared to explain:
Your financial and employment situation
How much you can afford to pay
When you’re likely to be able to restart regular payments
This is the perfect time to create a new mental perspective of how you perceive what’s happening in the world today. Take advantage of the opportunity to gain a better grasp of your finances. Review what’s going out and what’s coming in. Many people are at home and able to see and recognize areas of improvements regarding their monies. I encourage you today to review your current financial responsibilities and determine how you can do better moving forward.
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Kia Wells is passionate about the field of Accounting/Finance and assisting others in changing their lives. She has conducted workshops training organizations and individuals on the importance of credit repair, budgeting properly, debt elimination, bookkeeping and other topics over the past 6 years. Kia is a mother of three sons. In her spare time she enjoys reading, community involvement, and encouraging others to always love who they are no matter what.
