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Counselors are available around the clock to assist if you are experiencing financial hardship during this time.


The Immediate Financial Impact of the COVID-19 Pandemic

On March 11, the World Health Organization characterized COVID-19 as a pandemic. This declaration sent shockwaves through the nation and the financial lives of many around the country due to shutdowns, layoffs and much uncertainty. This year’s annual financial literacy survey was fielded amidst that announcement. To gather an understanding of the immediate financial impact of the pandemic and the resources Americans need most, NFCC and BAI worked together quickly to get another survey out, the Financial Impact of COVID-19 Survey, conducted by The Harris Poll in May among over 2,000 U.S. adults.

Post COVID Financial Impact Survey

COVID-19 Financial Impact Update Live Videos

(in order from most recent)

#FinancialFacts Chat: Pulling your Credit Report Options, New Stimulus Bill for Small Business

What Small Business Owners Need to Know and Tips for Support amidst the Economic Shut Down with Nav

What you should know about the stimulus bill? Scams and Housing Assistance programs

#Stimulus Bill #Scams and Housing Assistance programs #Quarantine

#Facebook Live: #COVID-19 Financial Impacts Update 3-25

Live #Coronavirus #FinancialFacts Chat Check-in 3-20

Live #Coronavirus Financial Impacts Update and Q&A

Live Q&A: Credit and Money Updates About #COVID-19, #Coronavirus

#FinancialFacts Chat: How to prepare financially for the effects of #COVID-19 aka #Coronavirus

How to Discuss a Temporary Financial Hardship with Your Creditor

  • Start the conversation by explaining the cause of your financial hardship. Be honest, calm and detailed in your explanation. Include information about loss of hours, wage reductions and any other circumstances that have a direct impact on your ability to pay your account as agreed.
  • Ask about special hardship programs that can help keep your account up to date based on your current and anticipated ability to pay. While you can mention specific examples, you should ask the question in an open-ended way to see what the creditor has to offer. Not all creditors offer the same solutions, so you may find differences among your creditors.
  • Once you have come to an agreement about the program that would be the best fit for your situation, be sure to request a confirmation of the adjusted terms in writing. An email from your creditor should be sufficient.
  • Make sure that you understand what is expected of you according to the new temporary terms and ask the creditor if there is any room to further adjust or reassess the situation if conditions continue longer than expected or if they worsen.
  • Remain in touch with the creditor to alert them of any changes that may influence payments.
  • Work with a nonprofit NFCC credit counselor to work on an emergency budget and help get your finances back on track.

*More resources and articles will be added as they become available.

For updates on COVID-19, visit the Centers for Disease Control and Prevention (CDC) or World Health Organization (WHO)