Debt Relief is Becoming Popular during the COVID-19 Pandemic

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Debt relief is a concern many share. Reducing your costs on how much money you spend daily, weekly, or monthly are challenges needed to conquer and reduce the amount of debt you have. COVID-19 has had a significant and persistent impact on economics across the country. The fear of spreading the disease, compacted with having to social distance, and stay-at-home orders have affected both consumers and retailers.

The effects of COVID-19 have also affected employment and the loss of income in many households across the country. Many Americans have lost their income and are now facing financial hardships. Debt relief is a major concern for a lot of people and NuLeaf Financial is here to help.

How to Find Debt Relief During COVID-19

The COVID-19 pandemic is continuing to affect millions of people and how you live your daily life. A new year has started, however, and with it is an opportunity to set some fresh financial goals. These are some steps you can take to help with debt relief during these uncertain times:

  • Manage your credit card debt
    • Credit card debt has become even more significant since the pandemic hit. Many are finding it difficult to make their minimum payments and watch helplessly as their interest adds more and more to their balance. There are steps you can take to manage your credit card debt. Check with your lenders and see if you can receive a lower interest rate. Lenders are often willing to permanently lower your interest, sometimes by few percentage points. If not permanently, then perhaps at least during the pandemic.
  • Negotiate your debt
    • Lower your interest rate on credit cards is one way to find debt relief, another is to ask for a repayment plan on loans. There are two forms of repayment plans, and you may qualify for one- forbearance agreements or the long-term repayment plan. Forbearance creates a set time frame for you that you are not required to make a payment. This play may increase your interest amounts but will provide some extra cash at a time when you need it most. The long-term repayment plan allows you to back the money you owe with either no interest or reduced interest and would serve as a great debt relief as it lessens how much you will owe overall. 
    • Check if you qualify for debt forgiveness. Debt forgiveness is often used primarily in the real estate and federal student loan context and is the elimination of all or part of legal debt. This process is used instead of a foreclosure where the mortgage lender will accept your property deed as full payment of your debt. This agreement would offer some debt relief and is done even if your home’s value is not enough to completely cover the debt. 

Where to Find Help with Debt Relief

Nuleaf Financial has made it our mission to help members become debt-free, achieve financial freedom, and regain creditworthiness. Our company is built on trust and transparency with all members. We are ready to help you succeed in achieving debt relief during these uncertain financial times. Our specialists are ready to look at your records and build a personal strategy for financial success.

 

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