What to do when you can't pay your bills

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These times are insane right now. Everything seems to be collapsing before our eyes and people are losing their jobs right now. My heart goes out to those who have found themselves in a situation where they cannot pay their bills. If you are this person, you are among the, at least, 59%.



If you are tight on money, here are the only things you should care about until you get paid again and on your feet.

  1.  Food - groceries only
  2.  Shelter - rent/mortgage
  3.  Utilities - electricity, water, not cable

I think that if you have money in your bank, those are the only things you should be putting your money towards. You should only care about food and the necessities. Of course, if you have medications or other required medical items in your life that you must pay for, add that as well.

If you have credit card payments or mortgages that you cannot pay, call up the credit card company/bank. Many credit card companies/banks are urging their customers to call them up if they are facing hardships from the coronavirus so that everyone can work out a deal. Call them. Today. 

I am sure you have already heard the government is helping with student loans. Although I feel like this should be the least of our worries right now, how about relief for everyone else like food, rent, electricity, etc? Priorities, people! I digress... 
If you are a student loan holder, you now have relief options. All federal loan interest rates have been set to 0% for the next 60 days. That means you can choose to defer your payments for 2 months, interest free. Be aware that the interest rate is automatic, but the deferred payments are not. If you are going to choose not to pay for 2 months, you will need to contact your loan provider. 
If you are a student loan holder and have a secured position at work and are not worried about losing your job or the hours there, maybe consider paying extra on your student loan principal. This is the time to do that because your money will go further during this pause. Win, Win!

Like the credit cards, car loan providers are also here to help provide relief. If you have always paid your payments on time, I am sure there will be relief for you. This list shows all the different providers here to help, for example, Mitsubishi is allowing up to 120 days deferred if they did their loan thru Ally. Check to see what your provider is saying and call them. Call them and see what they can do to help.

Even the item that is glued to your hand is getting relief. If you are with Verizon, AT&T or Sprint, you have until mid-May to pay with zero penalties or late fees. If you are with another carrier, you should call them. Right now.

If you have any other bills that you are unsure you will be able to pay, you should call those providers. Tell them the situation you are in to see what relief can be provided to you. 

This is an eye opening time for many Americans, and I am sure, many people outside of America too. There are many people struggling right now to even eat a complete meal. Many out there are worried about what they are going to do financially from this. Make sure your family, friends and neighbors are ok. We need to keep our distance, but we can still support one another. Literally everyone will be effected by the Coronavirus in some way. Whether that is a stock investor losing their money, a friend losing their job, a family member contracting the Coronavirus, everyone will be effected. I hope the Government can provide additional relief to the American people.

Stay home, be sure to share, like, comment and subscribe.

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