On March 20, 2020, the Secretary of Education of Federal Student Aid provided the following relief on federal student loans. Suspend loan paymentsStop collections on defaulted loansSet interest rates to 0% for a period of 60 days. On March 27, 2020, Congress passed the CARES Act which provides this relief through September 30, 2020. On August 8, 2020, President Trump directed the secretary to continue to suspend loan payments, stop collections, and waive interest on
As we near our 9th month of the coronavirus pandemic, 43 retailers have filed for bankruptcy. Many of these companies were already in the beginning stages of bankruptcy or heading toward it before the pandemic started. With less than 5 months left in the year, there have already been more retail bankruptcies this year than in the past 8 years. The pandemic has exasperated challenges for some retailers that were already having trouble reaching new
According to an article posted on Fox Business, American credit card debt has fallen during the coronavirus pandemic, dropping below $1 trillion for the first time since September 2017. Credit card debt fell by $24 billion in may and $58.2 billion in April. Debt is down almost $100 billion from the start of the year. The shrinking debt highlights how the recession changed consumer spending as U.S. households tried to avoid taking on new debt.
The coronavirus has spared no one in it’s devastation of the U.S. economy. From iconic department stores to entertainment giants, many stores are now facing bankruptcy. CMX Cinemas:Filed for Chapter 11 bankruptcy on April 25. J. Crew:Filed for bankruptcy on May 4. Gold’s Gym:Filed for Chapter 11 bankruptcy on May 4. JCPenney:Filed for chapter 11 bankruptcy on May 15 and plans on announcing the first phase of store closing in the coming weeks. Pier 1
During this crisis, many credit card issuers are working to assist their customers by providing them with options to alleviate some of their financial burden. We’ve compiled a list of some issuers’ assistance efforts below. All measures are subject to individual eligibility and may not apply to all customers. American Express Advice on managing accounts onlineLower monthly paymentsRelief from late payment fees Bank of America Deferred paymentsRefunds on late fees Capital One Financial hardship support