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martyb [soylentnews.org] writes:

[Note: As far as I know, these are mostly USA-based institutions. See the linked story for details on what these have to offer, and use that as a guideline when inquiring at your own as to what accommodations they offer. --martyb]

Here's how banks and credit card companies are helping during the coronavirus outbreak [cnet.com]

The coronavirus [cbsnews.com] isn't just a minor inconvenience for some. Its growing impact is causing financial hardship for millions of people.

With businesses closing, layoffs and unpaid leave [cnet.com] could mean you're unable to afford your regular bills. During this time, many US banks and credit card companies are offering temporary relief and assistance so you don't fall behind on payments. And if you're unable to stay current, there are programs in place to make sure you don't face unnecessary fees, a credit score drop or other penalties for late or missed payments.

• [...] Ally
• [...] American Express
• [...] Apple Card
• [...] Bank of America
• [...] Capital One
• [...] Chase
• [...] Citibank
• [...] Wells Fargo

Alternatives to hardship programs

While contacting your bank or credit card issuer should be your first stop in finding financial hardship assistance, it's not your only option. Your issuer can help you determine what you qualify for, whether through them or other means, like:

• 0% APR balance transfer credit cards: Apply for a card with a 0% introductory APR [cnet.com] so you can avoid interest charges during this difficult time.
• Dip into your emergency fund: The worldwide impact of the coronavirus is an emergency for everyone. If you have spare cash, now is the time to dip into it. Use it for the most important reasons, like paying for food or medication for you or your family. If you have enough to make payments on your bills, then do so. But see if you qualify for hardship assistance first.
• Take out a personal loan: While not everyone might qualify for a personal loan, dire situations like COVID-19 are reason enough to take one out. Personal loans usually have lower interest rates compared to credit cards and many private lenders offer their own hardship assistance. For example, SoFi offers unemployment protection [sofi.com] where your loan will go into forbearance. Payoff [payoff.com] also offers hardship assistance.
• Community assistance: Many state and local agencies are providing financial relief to the most vulnerable people impacted by COVID-19. Try searching for programs that are available in your area to see what you qualify for. For example, call 2-1-1 where you live [211.org] and you'll get matched up with resources based on your needs, like help paying bills or money for groceries.

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