SPRINGFIELD, Mo — With it being the first of the month, the number one thing on everyone’s mind is likely bills.
Ozarks First has already told you how banks are helping those impacted by COVID-19 with mortgage payments. We’ve also shared how the government will be helping those in financial trouble with the help of stimulus checks. Along with mortgage help, banks and credit card companies are also waiving monthly payments or finding ways to help their customers with payments.
According to a CreditCards.com poll, 110 million people had underlying credit card debt.
Holly Wilson, Director of Springfield’s Consumer Credit Counseling Services, says there is hope for consumers who are struggling with the impacts of COVID-19.
“[Credit companies are] working diligently to get something in place, something that will quite honestly keep them in business by working with the consumers that are having a hard time right now,” Wilson says.
Wilson also says the top major creditors are handling everything on a case by case basis, but soon they will not be able to. Wilson goes on to say that payment plans to help a more significant majority of people will take time. She’s telling clients to talk with banks and be patient while they figure out overall payment plans.
“The worst thing that anybody can do right now is think they have all the information in their head, ready to execute,” Wilson said. “To be quite honest, that doesn’t work. People need to put that in writing. They need to see where those numbers are going. Every dollar needs to be very intentional at this point.”
In the meantime, Wilson is making sure people are budgeting their money because of the financial situations we are in.
“We’ve got a couple of weeks before we start seeing those checks come in, so make good use of that time,” says Wilson, referring to making a budget on how you’re going to spend the stimulus checks when they come in.
For more information on Consumer Credit Counseling, click here.