A number of financial relief options are available to Americans who have been affected by the unprecedented health situation created by the spread of the coronavirus. Mortgage companies are offering forbearances; insurance companies have lowered premiums for cars that aren’t being driven. Credit card companies have also acknowledged that cardholders may have trouble keeping up with their bills. While many companies are eager to help with debt and interest, there are some things you should know before picking up the phone.

The good news: If you’re unable to make your minimum monthly payment in a given month, major card issuers like Chase, Capital One, and others are willing to grant a forbearance. That means you can skip the minimum due without being hit with a negative strike on your credit report for a missed payment.

A forbearance is no free ride. Interest will still accrue as normal, and the card issuer may consider the missed payment deferred, not waived. If you pay $50 monthly, for example, and are able to skip a May payment, make sure the card won't expect a $100 minimum in June to cover both months. Ask the company to define forbearance so you know what’s expected. Some may be willing to lower your minimum payment instead, which could be a better option for you.

While the skipped payment won’t impact your FICO credit score directly, be aware that it could still have consequences. Because many minimum payments mainly cover interest, your balance won’t remain the same—it will continue to grow. And because that interest is still adding up, your total amount owed is still going up relative to your available credit, which can affect your score.

If you have a sizable amount due, the National Foundation for Credit Counseling (NFCC) recommends looking into alternatives to forbearance, like using savings to pay down some high-interest cards, taking advantage of zero-interest balance transfer offers, or even taking out a personal loan with a lower interest rate.

If you have multiple credit card balances and the prospect of trying to get through to a human to discuss payment options seems daunting, the NFCC is offering their assistance. The agency can put you in touch with a credit counselor who can act on your behalf, obtaining forbearances or other relief from the card companies. Be advised, though, that card issuers may want to get your permission to deal with the counselors directly. The program is free and you can reach the NFCC via their website.

Be mindful that emergency relief is different from a debt management plan, which consolidates debt and can have a negative impact on your credit card accounts.

In many cases, the best thing to do is to pick up the phone and deal with the card issuer directly. Explain your situation and ask about what options they have. Some might waive payments. Others might offer to lower your interest rate. No two card issuers are alike, and it’s in your best interest to take the time to see what’s available.

[h/t lifehacker]

The federal government is currently in the process of distributing stimulus checks to taxpayers as part of a $2 trillion effort to bolster the economy in the wake of the coronavirus pandemic. While no action or effort is needed on the part of citizens, some people might receive calls, emails, or texts prompting them to offer additional information.

Naturally, it’s a scam. According to Business Insider, the Treasury Department is cautioning taxpayers that any entity purporting to be affiliated with the government and asking for their personal data for the purposes of issuing the stimulus check is fraudulent.

On their website, the department states that any solicitation for information or offer to hasten delivery of the check in exchange for a fee is not coming from the government, which usually communicates via the United States Postal Service. Instead, it would be an attempt to steal your private banking, credit card, or other information.

It’s also possible some scammers are mailing out bogus stimulus checks in an effort to prompt recipients to call and offer private information. Since the checks will take weeks to arrive, you should eye such correspondence with suspicion.

Many stimulus checks will be remitted via direct deposit if the IRS has that information on file from a resident’s 2018 or 2019 tax returns. If not, the Treasury will soon have a method to enter that information online. More details are expected in the coming days.

For the moment, the one beneficial online resource regarding stimulus checks is an online calculator that can help determine the amount you can expect to receive. No private information is required.

[h/t Business Insider]