Some relief is already in place and more steps are being taken every day to help you get through this difficult time. - NBCNewsBETTER
, but the drop won’t be big enough to make any significant difference for most people. Many credit card companies have already announced programs to help their cardholders. You may be able to arrange a temporary credit limit increase, a temporary interest rate reduction or forbearance – you can miss a payment without a late penalty, but the interest still accrues.
Apple card sent an email to cardholders telling them they can enroll in its Customer Assistance Program, “which will allow you to skip your March payment without incurring interest charges.” American Express told NBC News BETTER its financial hardship assistance “could include waiving late fees, return check fees, and interest charges.” Capital One said it is working with consumers and steps that can be taken include “fee suppression, minimum payment assistance and deferred loan payments.” “The ability to avoid interest and avoid any hit to your credit is really significant,” said Ted Rossman, industry analyst at CreditCards.com. “You definitely need to speak up and tell your card issuer about your situation, because even the companies that are offering waivers, it's not automatic. You have to contact them.”
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