A sudden and drastic drop in income can leave people in a position to make hard choices to keep up with expenses. Individuals may find they need to rely of credit through a credit card or bank loan to get through an unknown financial future. Keeping in mind the impact on your credit report and score can help in making decisions today.
The Consumer Financial Protection Bureau has a web page outlining steps to take in managing and protecting your credit during the pandemic. One step includes contacting your creditor’s if you find that you can’t make a payment. Oftentimes, creditors are willing to work with you when you reach out before you miss a payment. It shows you’re paying attention to your deadline and are working on a solution.
The University of Wisconsin has also created a webpage to answer Frequently Asked Questions related to financial challenges and resources to address the Covid-19 pandemic. Find the link and more information on our “Managing Your Finances in Tough Times” website. Covid-19 resources and information will continue to be added as it becomes available.