If you’re not working, you won’t pay your bills. What should you do instead? You don’t have to despair; there are many options.
Let’s begin with your most significant expense: housing. Many landlords allow tenants to have some discretion. Everybody is in this boat so that you may get a break.
Mortgages will make it a bit more complicated. This doesn’t mean that you cannot ask for late fees not to be paid. They may request documentation.
What about your credit card? Credit card issuers are well aware that more than 6,000,000 people have been displaced by unemployment. They won’t be cutting any corners on fees, though.
CreditCards.com surveyed 110 million Americans who had card debt during the current crisis. Ted Rossman is an industry analyst for the company and offers these suggestions.
- If applicable, file for unemployment benefits.
- Contact your credit card company and other lenders if payments are not made on time.
- If you have credit card debt and are approved, you can apply for a balance transfer card at 0%
- Cash is limited, so save it! Cut out unnecessary spending, track down refunds for tax and event tickets, and redeem rewards on credit cards.
- 0% introductory cards are another possibility if you’re able to get one
The great news is that if you do not go out often, you can cut back on discretionary spendings such as entertainment, bars, and restaurants.
Consider reducing your in-home costs like cleaning, delivery, and cable. You will be astonished at the thrift you can make.