Coronavirus, COVID-19, Credit Card Debt, Debt Relief

How to Manage Credit Card Debt After Losing a Job

Many South Floridians are finding themselves out of work due to the coronavirus (COVID-19) pandemic. This loss of income can be devastating and make it difficult to continue paying monthly expenses, including credit card debt.

Before the crisis hit, credit card debt had reached an all-time high after the Federal Reserve reported that the fourth-quarter of 2019 credit card debt increased by $46 billion to $930 billion nationwide. It is expected that balances will only increase as Americans find themselves shut in with limited income being earned. Additionally, serious delinquencies were on the rise at the end of 2019, and these numbers are also expected to trend upward, specifically for consumers between the ages of 18 and 29.

Coronavirus, COVID-19, Debt Relief

Tips for Dealing with Debt During the Coronavirus

The coronavirus (COVID-19) crisis has hit South Floridians hard. With stay at home orders issued, many are finding themselves out of work and stuck at home. Many have lost their jobs due to temporary or even permanent layoffs. Without a reliable source of income, these individuals may find themselves struggling to pay their bills. The following tips can help consumers manage their debt during this difficult time.

Federal Student Loan Payments

Under the federal Coronavirus Aid, Relief and Economic Security Act or CARES Act, which was signed into law by President Trump on March 27, 2020, federal student loan payments held by the U.S. Department of Education will be suspended for a period of six months with no interest accruing until September 30, 2020. This payment suspension occurs automatically and does not need to be requested by the individual.

Coronavirus, COVID-19, Debt Relief

How to Receive Financial Help During the COVID-19 Crisis

The coronavirus (COVID-19) has hit our nation’s economy hard, with many Americans finding themselves suddenly out of work.  Countless small businesses have had to close their doors due to the spread of the coronavirus. Financial assistance is available during the COVID-19 crisis.

A record number of American workers filed for unemployment last week, which totaled 3.28 million people. The biggest form of financial help comes in the form of a recent $2.2 trillion stimulus package passed by Congress just last week. President Trump signed the stimulus bill into law on March 27, 2020.

Coronavirus, COVID-19, student loan debt, Student Loans

How Student Loan Borrowers Will Benefit from the Stimulus Bill

The recently passed $2.2 trillion stimulus bill provides several different forms of financial assistance for American consumers during the current coronavirus (COVID-19) crisis. The new bill also provides options for student loan borrowers who are struggling to keep up on their loan payments, which comes as good news for the over 44 million borrowers holding more than $1.5 trillion in outstanding student loan debt.

Borrowers who have federally owned student loans will not have to pay on their loans through at least September 30, including Parent PLUS Loans. This payment suspension will occur automatically and does not need to be requested by the borrower.

Coronavirus, COVID-19, Debt Collection, Debt Relief

Debt Collectors Argue They are ‘Essential’ to Consumer Financial Health During COVID-19 Shutdown

The coronavirus (COVID-19) has hit American consumers hard, putting many of them temporarily out of work. Relief efforts have been made on a state-by-state basis to assist consumers.

New York residents have been given a 30-day freeze period from state-owned medical debt and student loan debt collections. Another similar announcement came from the mayor of Chicago with respect to city debt through April 30, 2020.  The Department of Education has suspended collections on federal student loans, and they are encouraging private student lenders to do the same.