Steps to take if you can’t make ends meet because of the COVID-19.
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With the coronavirus pandemic causing many workers to lose hours, it’s more important than ever to know what financial options you have.
If you don’t have an emergency fund and are struggling to make ends meet during these uncertain times, here are steps to take.
Contact creditors right away
If you’re concerned it will be a struggle to pay your credit card balance, student loan debt or utilities in the coming months, the National Consumer Law Centre advises contacting your creditors as soon as possible and asking for hardship concessions.
Consider a personal loan
Personal loans can help out in times of income insecurity. Banks, credit unions and online lenders offer them.
Send temporary hardship letters
If you are having trouble paying your mortgage, your first step should be to seek out a legal advocate, according to the National Consumer Law Centre. From there, you can send hardship letters to lenders, like your mortgage company, to see what your options are.
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