Watching Your Wallet: Paying credit cards during virus crisis

Courtesy: MGN
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(WILX) -- Around 67 million Americans think they will have a hard time paying their credit card bills because of the coronavirus, according to a new study from WalletHub.

Coronavirus is now the top stressor in American, worrying people even more than financial issues, which traditionally tops the list.

The WalletHub survey found that many Americans have started saving extra money rather than spending.

WalletHub's CEO said credit card companies should forgive late payments during the pandemic like they've done during major natural disasters in the past.

There are some things you can do too. Call the company directly and try to negotiate and see if they are offering relief. If you have multiple credit cards, now may be a good time to consolidate all debt to one balance transfer card.

Consolidating into a personal loan may also be an option, and if you need help, experts say to choose debt management over debt settlement services.

If you want to lower your credit card burdens without hurting your credit score, and are not at risk of bankruptcy, experts say look at a debt management plan.

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