EDGe clients, to say we are in uncharted territories is an understatement. Being proactive can often be the best defense. Given that, we want to encourage you to reach out to your financial institutions and ask about options on existing loans, credit cards, and other debt payments.
As a customer, here are some things you can ask for from your financial institution:
Can I make interest only principal payments?
Can I lower my interest rates without penalty?
Should I pay only the minimum on credit cards?
*Any verbal agreements made with financial institutions need to be in writing. Additionally, confirm with the institutions that any non-payments will not be reported to credit agencies.*
Additionally, clients should think about stopping things like:
extra mortgage payment amounts
automatic payment of the entire balance on credit cards.
The Federal Government is strongly encouraging financial institutions to work with their customers. Financial institutions will not reach out to customers directly, but customers can and should reach out to them as soon as possible.
Paula, Molly, and I are here to help you. Feel free to reach out to us with any questions. Also continue to follow EDGe on social media and on our EDGe blog for updates on other small business assistance measures.