Covid19 debt checklist…
The Covid-19 pandemic was an unexpected event that came along with intense hardship and an unprecedented rise in unemployment rates. Naturally, the period witnessed many Americans getting into larger debt to cope with the burdens of living and caring for dependents.
Now that it is almost over, you need a Covid19 debt checklist to help you begin taking baby steps to get back on your feet and get your financial life in order.
We have outlined 10 short and actionable steps below to help you get back on track. Here’s your complete Covid19 debt checklist:
1. Figure out where you are now: Sorting out your debts and moving forward starts with knowing exactly where you are. That way, you get a clear picture of what you need to do in order to get to where you want to be. Make a list of your creditors, the amount you owe each one, and the interest rate on each debt to begin.
2. Cut down your expenses and increase your income: Now’s a great time to learn a new skill, pick up a few extra hours, or start that side hustle. Alongside your list of creditors, make a list of your monthly expenses and see which one(s) you can do without.
3. Choose a debt repayment plan: There are many debt repayment methods touted by several financial experts. Perhaps the two most popular ones are the debt avalanche and debt snowball method. The debt avalanche method tackles high interest rates while the debt snowball method tackles the total number of debts. The plan best suited to you depends on your goals and unique financial situation.
4. Act fast to avoid interests and penalties: Penalties and interests on debts accrue the longer you wait, therefore, it is imperative to make a plan and take action today.
5. Manage your Federal student loans: Due to the Covid-19 pandemic, most payments on Federal student loans have been suspended. You can take advantage of this opportunity for the repayment of other loans.
6. Get mortgage payment help: You should seek the assistance of your loan servicer if you observe that you will be unable to meet up with your next mortgage payment and find out what options are available to you.
7. Get tax help: Get help from a professional tax consultant if you are behind on your property taxes or any other form of tax payment. Many countries are placing a hold on tax-related foreclosures and sales, so this may be a good time to get your tax issues sorted out.
8. Get small loans to cover personal and business expenses: Credit card issuers like Chase, Citi Bank, and Capital One are offering assistance with credit cards, personal loans, and small business loans to their customers during the Covid-19 pandemic. You may be able to get a credit line increase, collection forbearance, or you may be allowed to postpone your payments.
9. Contact your debt collectors: If your income has been severely impacted by the drastic effects of the Coronavirus pandemic, it is important to reach out to your creditors to inform them about your situation or call us at 877-700-5790 to do it for you.
10. Speak to a debt collection attorney: Speaking with a debt collection attorney will not only set your mind at ease but also open up doors to a myriad of possibilities that are invisible to an untrained eye. Our team of devoted professionals will take your Covid19 debt checklist miles further by providing you with practical guidance for dealing with debt collectors and getting compensation when your rights have been violated. Call us now at 877-700-5790, we’re always glad to help.
