AS THE CORONAVIRUS SHUTDOWN caused businesses to cut staff, a staggering number of Americans filed for unemployment benefits—26 million people made initial claims over the course of five weeks from mid March to mid April. If you’re among those dealing with a loss of income, you may be struggling to keep up with bills—or you may anticipate trouble down the road if you can’t get back to work soon.
Many lenders are providing relief to customers, whether voluntarily or because it’s required by new federal mandates. According to a survey from LendingTree, 91% of those who asked for a break on their mortgage or credit card payment because of coronavirus-related circumstances got one. The key word is asked. With the exception of federal student loans (see “Ahead,” on page 11), you generally have to contact your lender to get relief.
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