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If you find yourself still reeling from the effects of ongoing issues related to COVID, you are certainly not alone; in fact, millions of others have been along for the ride with you. And that’s just in the US. No one could have imagined a viral pandemic would have such enormous health implications for nearly every part of the world.
Here are five things to consider if you have been impacted financially:
- Unemployment – If you have lost your job or had your hours cut, continue to explore all unemployment benefits while looking for a new position. This could involve making phone calls and enduring some long wait times, but it is worth it if you are struggling after a hit to your career. If you are concerned you may have to move to find a new job, begin exploring all the details that go into such a big change—especially in terms of housing, new schools, and all the basics.
- Student loans – Speak to student loan servicers. If you have a private student loan, this is even more critical. While some federal student loan borrowers have received substantial deferments through the CARES Act, many others have been left out in the cold—and this is true almost completely across the board for private student loan borrowers. It is important to note, however, that many private student loan servicers may offer deferment programs right now, but they do not advertise that. Don’t be shy about telling your private student loan servicer what is going on with your finances and asking for help. With over 45 million borrowers due to pay back a cumulative total of more than $1.64 trillion, you can be sure that private loan servicers are worried enough about getting paid that they will be glad (or forced to, ultimately) to make some concessions.
- Credit cards – Contact all of your credit card companies. Creditors and debt collection agencies realize that Americans are struggling right now with unemployment and a multitude of other issues due to COVID. Can you reorganize your payments or perhaps even set up a plan for the next six months to a year to make smaller payments with no interest? Credit card corporations are usually flexible and open to different types of negotiations—especially if you have not already defaulted but are obviously going through an unusually hard time. Financial issues related to COVID definitely fall under that category!
- Rent or mortgage – Your landlord may be amenable to lowering your payments temporarily if you are struggling during these times—and especially if they rent to multiple other tenants who are probably having difficulty too. Mortgage companies are also very aware of the nationwide financial problems borrowers are facing, and they may already have programs in place that you can tap into.
- Health insurance – Be aware of what is going on with your coverage, and especially if you are dealing with unemployment or have been reduced to part-time status. Obviously, with health issues at the forefront due to COVID, everyone should stay abreast of what is happening with their coverage, and what to do in the face of job losses or decreased income.