Coronavirus Cash Crisis: What Should I Ask My Credit Card Companies?
The coronavirus pandemic prompted an unprecedented shutdown of the U.S. economy. Experts weigh in on handling credit card bills during the crisis.
Coronavirus Cash Crisis: If I can’t make my credit card payments, what should I ask my creditor for?
"A lot of credit card companies have been offering a little bit more flexibility. But again, it's about understanding all the options. Can you make a smaller minimum payment? Is the interest still going to accrue? If you skip a payment, will it hurt your credit score?" said Stefanie O'Connell Rodriguez, a personal finance author.
"Chances are that the credit card company will say yes for two reasons: One is that they will be able to hold on to you as a customer, because even if they get interest payments later on, they still get paid," said Arindam Nag, chief executive of Centsai.
"No. 1 thing that you want to do is don't ask for forgiveness. Ask for permission. It's the reverse of the advice I think we always hear. In this particular situation, you definitely want to reach out before it's actually a problem — so before that bill is due," said Erin Lowry, author of Broke Millennial.
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