Pause 6 bill payments if you've lost work due to the coronavirus - Business Insider

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You might be able to pause payments toward memberships, credit cards, utilities, insurance, or federal and private student loans

In some cases, you may want to ask whether you can pause rather than cancel a membership. For example, if youyour gym membership, you might have to pay the joining fee again when you finally go back. Hopefully, pausing payments eliminate that extra expense.No one wants to miss a credit card payment. Neglecting to make a minimum payment on time can hurt your credit score. When you fail toare making accommodations for borrowers who have been financially affected by the coronavirus.

Pausing payments, otherwise known as forbearance, can be discouraging under normal circumstances, because interest continues to build even while payments are paused. However, Trump has halted federal student loan interest amid coronavirus concerns, so you won't rack up more debt from interest if you stop paying during this time.

Some lenders already have policies in place to accommodate borrowers who are out of work. For example, According to Hailey Ross at S&P Global Market Intelligence, Allstate customers can request to skip two consecutive payments without paying late fees. Liberty is extending due dates and waiving penalties. GEICO will no longer cancel your coverage if you miss payments or allow your policy to expire through April 30.

 

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