Tucson Morning Blend

Actions

Coronavirus Cash Crisis

Posted at 6:45 PM, Oct 29, 2020
and last updated 2020-10-29 21:45:28-04

Coronavirus Cash Crisis: If I can't make my credit card payments, what should I ask my creditor for? "A lot of credit card companies have been offering a little bit more flexibility. But again, it's about understanding all the options. Can you make a smaller minimum payment? Is the interest still going to accrue? If you skip a payment, will it hurt your credit score?" said Stefanie O'Connell Rodriguez, a personal finance author. "Chances are that the credit card company will say yes for two reasons: One is that they will be able to hold on to you as a customer, because even if they get interest payments later on, they still get paid," said Arindam Nag, chief executive of Centsai. "No. 1 thing that you want to do is don't ask for forgiveness. Ask for permission. It's the reverse of the advice I think we always hear. In this particular situation, you definitely want to reach out before it's actually a problem — so before that bill is due," said Erin Lowry, author of Broke Millennial.