TAMPA, Fla. — With unemployment numbers on the rise, some people who have been laid off are stuck in a financial bind until those stimulus checks hit their bank accounts.
If you’re employed, working from home or sitting on your couch waiting for the coronavirus stay-at-home orders to lift so you can get back to life, now would be a good time to get your finances in check.
Here's where you can start:
Cut Out Non-essentials
Fitness Memberships – Gyms, yoga studios, spin classes are closed so you have a good reason to cancel your memberships.
Cable and Internet – Call your provider to see if there are new offers at a cheaper price.
Streaming Subscriptions – Keep what you watch most and cancel subscriptions you haven’t logged into within the last six months
Check Your Credit Report for Inconsistencies
Your credit report contains most of your financial accounts, payment history, late payments and account balances. Some even include your public records and inquires. The three main credit agencies -- Equifax, Experian, and TransUnion -- all have credit reports on file for you.
You're entitled to a free credit report from each credit bureau once a year. If you spot any inaccuracies on your report, you can write a letter to the credit agency disputing the error.
Below are direct links to how you can fill out your disputes with each credit bureau.
Get Credit Card Interest Rates Lowered
Call the customer service number listed on the back of your card or on your statement. And, ask if you qualify to get your interest rate lowered. If you’ve seen lower interest rates at other credit card companies, you can also ask if they will at least match the interest rate on a competing card.
Many credit card companies are waiving fees and temporarily lowering interest. Just give them a call. Patience is key. Expect to be on hold for a while.
Build Your Emergency Fund
If you’re still employed, consider putting the money you save from your daily commute, canceled gym memberships and daily coffee run into your emergency fund. When your stimulus check arrives in your direct deposit, and you’re still working, put that into your emergency fund as well.
Most financial experts suggest having at least three to six months’ worth of living expenses saved.
Federal Student Loans
If you have federal student loans, check your email to see if you received a message saying your payments are postponed. If you don’t see the email, give your lender a call and ask if your student loans qualify for the coronavirus forbearance.
On March 27, 2020, the president signed the CARES Act into law, which provides broad relief for federal student loan borrowers.
The U.S. Department of Education’s website studentaid.gov states that federal student loan payments will automatically stop from March 13, 2020, through Sept. 30, 2020:
“To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. This suspension of payments will last until Sept. 30, 2020.”
However, you can still make payments throughout this time.
To learn more visit studentaid.gov.
What about private student loans?
Private student loans, Federal Family Education Loan (FFEL) Program loans owned by commercial lenders and Perkins Loans held by your school are not eligible under the CARES Act.
If you have a private student loan, contact your loan servicer to negotiate payment options.
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