RICHMOND, Va. (WWBT) — Around 67 million Americans think they will have trouble paying their credit card bills due to coronavirus. That’s according to a new study from Wallethub.
Coronavirus is now the top stressor in America — even more than money problems — which traditionally tops a list like this.
The Wallethub survey found that many Americans have started saving extra, rather than spending.
Wallethub's CEO even says credit card companies should forgive late payments during the pandemic — as they have done during major natural disasters in recent years and as many state-regulated utilities are doing in states like Virginia.
There are some things you can do too. Call your company directly and try to negotiate and see if they are offering relief.
If you have multiple credit cards, now may be the time to consolidate all debt on to one balance transfer card.
Consolidating into a personal loan may also be an option.
And if you need help, experts say to choose debt management over debt settlement services. Though they sound similar, they are not the same. If you want to lower your credit card burdens without hurting your credit score, and you are not at risk of bankruptcy, experts say look at a debt management plan.
Here’s a link to a NerdWallet story explaining the difference between debt management and debt settlement.