Here’s how to get started taking control of your credit cards during the coronavirus.
- Put a list together of all your credit cards that have a balance due
Document the balance of each card and its Annual Percentage Rate (APR) (the % of the interest you are charged for your credit card purchases which accumulate daily).
- Visit the website for your credit card company.
The company website is your first best option to get the most updated information about your account and any relief the company offers its clients. If you have not already created an online account, this would be a good time to do so.
- Most credit card issuers are allowing delayed payments and waiving penalty fees.
However, pay close attention. Most banks are continuing to charge interest on your balance.
- Understand how much it will cost you to skip payments! Below is an easy Savvy Ladies Calculator to determine how much your credit card balance is costing you each month.
This is the time to conserve cash if you are or will eventually struggle to pay your bills. Putting off credit card payments for 30-90 days is a reasonable strategy to maintain your cash saving now. Click on the image below to download the calculator.