Did You Lose Your Job Due to COVID-19 and Had to Use Credit Cards? Tips to Get Relief From Your Debt

Many people lost their job due to COVID-19 and had to turn to their credit cards to pay bills and buy food. If this is you and you are now having problems paying your debt, there are ways to get some relief. Below are two of these ways so you can get your finances under control again.

Contact the Credit Card Company

First, contact the credit card company to see if they can offer some help to you. Many credit card companies today will offer help because they know how COVID-19 has impacted finances for many people. 

The credit card company may offer to lower your monthly payment or even allow you to defer your payment for a set amount of time, such as a few months. This means you will not have to pay even a minimum payment during this time. Once the time has passed, you will not have to pay any payments that you missed.  You will have to start paying your monthly payments, however.

If you have good credit, some credit card companies will offer to reduce the interest rate on your cards. This can save a lot of money if the interest rate is dropped dramatically. This may be a temporary change or a permanent change. If temporary, the credit card company will lower the interest rate for a set number of months. Your interest rate will then return to what it was. 

Hire a Credit Card Debt Lawyer

If you find your credit card companies are not willing to help and they are planning to sue you or have already sued you, hire a credit card debt lawyer. This is especially true if you owe a large amount of money. 

The lawyer will set up a consultation appointment with you. Bring with you all your credit card bills. The lawyer will ask you why you have not been able to pay your bills. This will allow them to defend you if you have to go to court. Because you lost your job due to COVID-19, this is a very good defense.

The credit card lawyer will try to resolve the issue with the credit card companies first in most cases. This will save you a lot of time and money. In many cases, the lawyer will get the amount you owe reduced and get a monthly payment set that you can afford to pay. Most credit card companies would rather not go to court, so the chances of them accepting what you offer them is high.

The lawyer that you hire can give you much more information on how they can help you.