What to do if you entered the coronavirus outbreak with credit card debt
LOUISVILLE, Ky. (WAVE) - The coronavirus pandemic is forcing millions of Americans to find a way to make ends meet as unemployment hits an all-time high.
Nearly 7 million people in the United States filed for unemployment the first week of April, according to the U.S Labor Department.
It’s a daunting reminder that financial fallout from the coronavirus is far-reaching, and long lasting.
A recent survey by CreditCards.com found 110 million Americans entered into the COVID-19 outbreak with credit card debt, which means more bills and less money to pay them.
Ted Rossman is an industry analyst with CreditCards.com, and has important things you can do right now if you’re struggling financially.
- If you’re only of the millions of people who’ve lost your job, Rossman says to file for unemployment and other benefits immediately.
- Contact your credit card companies if you’re unable to make payments, and see if they’re able to work with you.
- Get a 0% balance transfer card, if you have credit card debt.
- Cut down on spending, especially if it’s non-essential, and redeem credit card rewards.
- Apply for a 0% introductory APR card
For more information on what to do if you are unemployed with credit card debt, click here.
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