With most of the nation in lockdown due to the coronavirus pandemic, many businesses have closed down temporarily. Consequently, millions of Americans have either lost their jobs or have had their work hours reduced.

Fortunately, many banks and credit unions are offering relaxed payment terms to ease the burden on consumers in these trying times. In fact, many companies are also actively trying to make the lives of their customers a little less stressful by offering them discounts and payment deferrals.

If you’re struggling financially because of the COVID-19 outbreak, here are three payments you should consider pausing.

Subscriptions and Memberships

Credit consultants often recommend cancelling subscriptions and memberships as a great way to save money. However, while you may be tempted to eliminate frivolous expenditures, such as streaming services, it may not be the best move.

Think about it: is it really the best time to cancel your Amazon Prime subscription when you’re spending so much time at home? Instead, think about the subscriptions and memberships you don’t need while you’re in quarantine. These can include a gym membership or a season-ticket for your local NFL team.

Utilities

While you may be thinking that there’s no way utility companies would be okay with you pausing payments for a while, you’ll be quite surprised. Many major utility companies, such as Minnesota Power, Excel Energy, and Center Point Energy have announced that they won’t cut off their customers’ power supply if they can’t pay their bills during the pandemic.

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You can check the official website of your utility companies to check if they’re making an exception. If they are, get in touch with them and tell them about your situation.

Federal for Student Loan Payments

In light of the COVID-19 pandemic, President Trump has announced that the interest that would otherwise accrue on federal student loans will be paused. However, Americans are not exempt from making regular scheduled loan payments.

If you’ve lost your source of income, unemployment deferment is something you should definitely consider applying for. Those who’re financially impacted by the pandemic should also consider applying for economic hardship deferment. This will allow you to pause payments for particular federal loans for as long as 6 months.

Masters Credit Consultants are credit repair consultants that help individuals improve their credit score by disputing incorrect and negative items. We also provide credit analysis in Spartanburg County. Call 1-844-620-8796 for more information about our services.