The Best Way to Defer Your Credit Card Payments During the Coronavirus Shutdown, Explained

Credit card companies can offer financial assistance, but there can be drawbacks.
Credit card companies can offer financial assistance, but there can be drawbacks.
alexialex/iStock via Getty Images

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]

Take Advantage of Amazon's Early Black Friday Deals on Tech, Kitchen Appliances, and More

Amazon
Amazon

This article contains affiliate links to products selected by our editors. Mental Floss may receive a commission for purchases made through these links.

Even though Black Friday is still a few days away, Amazon is offering early deals on kitchen appliances, tech, video games, and plenty more. We will keep updating this page as sales come in, but for now, here are the best Amazon Black Friday sales to check out.

Kitchen

Instant Pot/Amazon

- Instant Pot Duo Plus 9-in-115 Quart Electric Pressure Cooker; $90 (save $40) 

- Le Creuset Enameled Cast Iron Signature Sauteuse 3.5 Quarts; $180 (save $120)

- KitchenAid KSMSFTA Sifter with Scale Attachment; $95 (save $75) 

- Keurig K-Mini Coffee Maker; $60 (save $20)

- Cuisinart Bread Maker; $88 (save $97)

- Anova Culinary Sous Vide Precision Cooker; $139 (save $60)

- Aicook Juicer Machine; $35 (save $15)

- JoyJolt Double Wall Insulated Espresso Mugs - Set of Two; $14 (save $10) 

- Longzon Silicone Stretch Lids - Set of 14; $13 (save $14)

HadinEEon Milk Frother; $37 (save $33)

Home Appliances

Roomba/Amazon

- iRobot Roomba 675 Robot Vacuum with Wi-Fi Connectivity; $179 (save $101)

- Fairywill Electric Toothbrush with Four Brush Heads; $19 (save $9)

- ASAKUKI 500ml Premium Essential Oil Diffuser; $22 (save $4)

- Facebook Portal Smart Video Calling 10 inch Touch Screen Display with Alexa; $129 (save $50)

- Bissell air320 Smart Air Purifier with HEPA and Carbon Filters; $280 (save $50)

Oscillating Quiet Cooling Fan Tower; $59 (save $31) 

TaoTronics PTC 1500W Fast Quiet Heating Ceramic Tower; $55 (save $10)

Vitamix 068051 FoodCycler 2 Liter Capacity; $300 (save $100)

AmazonBasics 8-Sheet Home Office Shredder; $33 (save $7)

Ring Video Doorbell; $70 (save $30) 

Video games

Sony

- Marvel's Spider-Man: Game of The Year Edition for PlayStation 4; $20 (save $20)

- Marvel's Avengers; $27 (save $33)

- Minecraft Dungeons Hero Edition for Nintendo Switch; $20 (save $10)

- The Last of Us Part II for PlayStation 4; $30 (save $30)

- LEGO Harry Potter: Collection; $15 (save $15)

- Ghost of Tsushima; $40 (save $20)

BioShock: The Collection; $20 (save $30)

The Sims 4; $20 (save $20)

God of War for PlayStation 4; $10 (save $10)

Days Gone for PlayStation 4; $20 (save $6)

Luigi's Mansion 3 for Nintendo Switch; $40 (save $20)

Computers and tablets

Microsoft/Amazon

- Apple MacBook Air 13 inches with 256 GB; $899 (save $100)

- New Apple MacBook Pro 16 inches with 512 GB; $2149 (save $250) 

- Samsung Chromebook 4 Chrome OS 11.6 inches with 32 GB; $210 (save $20) 

- Microsoft Surface Laptop 3 with 13.5 inch Touch-Screen; $1200 (save $400)

- Lenovo ThinkPad T490 Laptop; $889 (save $111)

- Amazon Fire HD 10 Tablet (64GB); $120 (save $70)

- Amazon Fire HD 10 Kids Edition Tablet (32 GB); $130 (save $70)

- Samsung Galaxy Tab A 8 inches with 32 GB; $100 (save $50)

Apple iPad Mini (64 GB); $379 (save $20)

- Apple iMac 27 inches with 256 GB; $1649 (save $150)

- Vankyo MatrixPad S2 Tablet; $120 (save $10)

Tech, gadgets, and TVs

Apple/Amazon

- Apple Watch Series 3 with GPS; $179 (save $20) 

- SAMSUNG 75-inch Class Crystal 4K Smart TV; $998 (save $200)

- Apple AirPods Pro; $169 (save $50)

- Nixplay 2K Smart Digital Picture Frame 9.7 Inch Silver; $238 (save $92)

- All-New Amazon Echo Dot with Clock and Alexa (4th Gen); $39 (save $21)

- MACTREM LED Ring Light 6" with Tripod Stand; $16 (save $3)

- Anker Soundcore Upgraded Bluetooth Speaker; $22 (save $8)

- Amazon Fire TV Stick with Alexa Voice Remote; $28 (save $12)

Canon EOS M50 Mirrorless Camera with EF-M 15-45mm Lens; $549 (save $100)

DR. J Professional HI-04 Mini Projector; $93 (save $37)

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Where Did the Term Lame Duck Originate?

Not a lame duck.
Not a lame duck.
Saeid Anvar, Pexels

Since new U.S. presidents and members of Congress elected in November don’t actually take office until the following January, this creates an awkward gap for their predecessors. With diminished influence and little time to enact new policies, they’re often referred to as lame ducks. In other words: Their capabilities are limited and their days are numbered.

It’s not exactly true that lame-duck politicians can’t get anything done during that period. Because they no longer have to worry about keeping their constituents happy enough to get reelected, they’re free to make decisions that might not be popular with the people they govern. But while the term lame duck is now often used to refer to any outgoing politician in general—regardless of whether or not they’re figuratively limping through the end of their term—it wasn’t always that way. In fact, the phrase didn’t even originate in politics.

According to the Oxford English Dictionary, the earliest known reference to the phrase is from a letter written by British nobleman Horace Walpole in 1761. “Do you know what a Bull, and a Bear, and a Lame Duck are?” he asked. Walpole was alluding to the London Stock Exchange, where lame duck described an ill-fated investor who defaulted on their loans. Ten years later, playwright David Garrick mentioned the phrase in his prologue for Samuel Foote’s play The Maid of Bath: “Change-Alley bankrupts waddle out lame ducks!”

An illustration of the London Stock Exchange in 1810.Thomas Rowlandson, Augustus Charles Pugin, John Bluck, Joseph Constantine Stadler, Thomas Sutherland, J. Hill, Richard Harraden, Wikimedia Commons // Public Domain

British citizens continued to utter “lame duck” when discussing the stock exchange throughout the 19th century, at which point it started to gain traction among U.S. financiers, too. Before long, the term had bled into other spheres of influence. Writer George W. Bungay, for example, co-opted the phrase to call out early temperance supporters who had lost faith in the movement.

“In Wall Street, New York, we have a class of men known as ‘lame ducks': they have met with financial disasters, and can not keep pace with their more successful competitors. We have lame ducks in our temperance associations, and I will briefly classify some of the men and women who do not and who will not keep up with our progressive organization. The lame ducks were once out-and-out friends of ‘the cause,’” Bungway wrote in 1869. “When they have attempted to swim in whisky, they have become ‘dead ducks.’”

The phrase might have made some small impression on Bungay’s teetotaler readers, but where it really started to stick was in politics. According to The Phrase Finder, The Congressional Globe used lame duck to describe “broken down politicians” back in 1863, and it had started to appear in newspaper articles referencing politics not long after.

In the early 1920s, lame duck made one final, flying leap to the highest office of the land. A 1926 editorial from Michigan’s Grand Rapids Press, titled “Making a Lame Duck of Coolidge,” speculated about how the upcoming Senate elections could affect the last two years of Republican Calvin Coolidge’s presidential term. If voters managed to flip the Senate to a Democratic majority—or at least closer to it—they could possibly render him ineffective.

In that case, the phrase lame duck wasn’t used in reference to the time between getting elected (or reelected) and taking office, but it soon became linked to that period specifically. Back then, presidential inaugurations occurred in March—the same month a new congressional session began. The lengthy interlude between November and March gave rise to lots of lame duck politicians, and Congress finally decided to shift the start of congressional and presidential terms from March to January. The 20th Amendment, ratified in 1933, was even sometimes called the “lame duck amendment.” Lame duck behavior may have decreased after that, but the phrase’s popularity still hasn't waned.

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