If you're one of the many people who has seen their work hours cut due to COVID-19, you may be wondering how you're going to manage your finances.
There are places you can go for help. Learn more about the assistance that may be available to you.
Get help from the CARES Act
The CARES Act is the stimulus act recently passed by the federal government. CARES stands for Coronavirus Aid, Relief and Economic Security.
You should be able to get some financial relief from CARES. The act offers:
The CARES Act can even benefit renters whose landlords have a federally backed mortgage. It provides for a suspension or moratorium on evictions. Read more about protection for renters.
How to handle your mortgage
If you can't pay your mortgage or can only pay a part, contact your mortgage lender. Be patient when calling. Loan servicers are fielding many calls right now.
The U.S. Department of Housing and Urban Development (HUD) provides counselors you can talk with if you're having trouble paying your mortgage or reverse mortgage loan.
You may also have heard of an option called forbearance. This is when your mortgage loan company lets you pause or decrease your payments for a limited time. Learn more about forbearance and its relation to the CARES Act.
What to do about student loans
If your student loan is held by the federal government, your payments are postponed with no interest until Sept. 30, 2020.
For other kinds of student loans, contact your loan servicer for options. Find out what else you need to know about student loans and the pandemic.
Seek help with credit card payments
Contact your credit card company. Let them know that you cannot make a payment. You may be able to work out an alternate payment plan.
You might also want to consider working with a credit counselor. Reputable credit-counseling groups are usually non-profits that can offer help with your money and debts. Some also may help you work with creditors.
However, beware of debt settlement companies that promise to help if you pay a fee upfront.
Apply for unemployment
Are you out of work? You may be able to file for unemployment benefits. Find out what your state can do for you while you're unemployed or furloughed.
The CARES Act allows states to even offer unemployment benefits to people who are self-employed or gig workers.
Beware of scammers
Scammers are always looking for chances to take advantage of others, especially during a crisis. The COVID-19 pandemic is no exception.
The Consumer Financial Protection Bureau offers information about coronavirus-related scams. You can also find tips for protecting yourself at the Federal Trade Commission.