Worried about paying your bills? Here is helpful advice.
If you are wondering how you’ll pay your bills, you are not alone. The unpredictable impacts of the COVID-19 pandemic are widespread, but often include the concern of how you will pay your bills.
We’ll give you some resources courtesy of the Consumer Financial Protection Bureau (CFPB) that should be helpful, but first and foremost, want you to know that this is not a time for feeling guilty or ashamed about not being able to pay bills. This is a time when you need to take control, make the contacts needed and work it out. You aren’t the only one calling them.
The CFPB makes these suggestions:
- Contact your lenders, loan servicers and creditors. They will ask about your finances, employment status and how much you can afford to pay. The CFPB and other financial regulators have encouraged financial institutions to work with customers for resolutions during this time.
- Be skeptical of debt settlement companies that offer to advocate for you to your creditors. Many require upfront fees and do not have a solid reputation to deliver. Instead, visit the CFPB website to learn more about HUD-approved housing counselors and reliable credit counselors.
- Educate yourself on mortgage options here. If you are concerned about paying your mortgage, there are some new alternatives because of the pandemic.
- Contact your student loan lender if you’re concerned about your payment and need options. The payments on federal student loans were automatically postponed until Sept. 30, 2020. If you have a student loan with Bank of North Dakota, you can apply for a six-month deferment. Click here for more information and to apply.
- Reach out to each company that you have a line of credit with and discuss options. Repaying credit card debt is a common issue at this time.
- Ask your loan servicer about options for your auto loan repayment if it may also be an issue.
Our country, you and your family, will get through this, and it’s critical that you take steps now to manage your finances. The CFPB is a reliable resource of information. Click here to learn more.