With the much of the country still on pause due to the coronavirus, it’s likely that you or someone you know is in need of financial relief. While banks and lenders have largely been left to determine what type of assistance they will offer (aside from what is specifically outlined in the CARES Act), many are waiving fees and offering forbearance and deferment programs to those experiencing hardship.  Here’s what a few of the major banks and lenders are doing to help. Ally Bank Mortgages: Payments can be deferred for up to 120 days and accounts will be reported as “current” to Credit Reporting Agencies (CRAs). While no late fees will be charged, interest will continue to accrue. Missed payments

Credit and debt are intertwined in more ways than one. The amount of debt you carry can impact your credit score. In turn, your credit score can impact the amount of credit and terms potential lenders may offer.  The Impact of Debt on Credit  Here’s the good news: Carrying debt doesn’t automatically mean your credit is negatively impacted. In fact, it could be just the opposite – it all depends on how you manage it. Do you carry large amounts of credit card debt and pay only the minimum amount each month? Then the impact is likely negative. Do you pay off your credit card balances monthly and make all installment loan payments on time? Then the impact is likely

Whether you know the collection calls will be coming, or you’ve just been blindsided by a debt collector, the process can be undeniably intimidating. Arming yourself with a few facts about how the process works, as well as understanding your rights, can help. Let’s start with the basics. Here’s how it can work:  An account in your name has become past due and the original creditor thinks they will be unable to collect payment. (Usually when it reaches the 180-plus day mark.) The creditor sells the debt to a debt collection company, generally for a portion of the amount due. Since the debt has now switched hands, the debt collection agency is able to keep whatever they manage to collect.

Are you curious about how an auto loan affects your credit, and want to find out before you buy a car? Read here to learn how the two work together, and why it’s more important to focus on how your credit might affect an auto loan.

Buying a home is already stressful enough before you add credit worries to the mix. Click here to learn the effects mortgages can have on your credit (and vice versa) to understand what you need to worry about and what you don’t.

Thinking of taking out a personal loan, but worried what it might do to your credit? Here’s a breakdown of how a personal loan might affect your credit.