One of the topics on everyone’s lips right now as so many struggle to keep an income during the Covid-19 pandemic is finance.
We have seen people take salary decreases of 30% to add to the solidarity fund, people trying to continue to pay workers forced to stay at home.M any unemployed trying to access the government UIF fund and others relying on credit cards and accounts. All to simply put food on the table and keep their heads above water as their resources are stretched and we go into our third month of lockdown.
Let’s talk credit
Currently, more and more consumers are relying on personal loans and credit cards to tie them over during the lockdown period.
Whilst it may be an only option or seem like the best option at the time it is wise to remember that any amount of cash we borrow will need to be paid back, so before you spend lavishly on the next takeaway from Ubereats, ask yourself if the decision you are making now is a commitment you can uphold a few months down the line as you pay off this amount.
I put together some smart finance tips when using your credit card to help you navigate this strange period of financial uncertainty.
My first tip is to always consult with a professional for accurate and knowledgeable advice.
One of those experts is Neon Funding who can assist with high finance credit card debt.
Contacting your personal financial institutions and requesting a consultation with your bank consultant will also be able to give you helpful and practical steps to take to make your monthly payments, especially as many credit card issuers are being more lenient at this time.
Types of relief you may receive
Deferred payment or waived fees
Some banks have been offering a deferral of credit card instalment payments for a month or two.
Other credit card issuers are waiving late payment fines if you are not able to make the monthly payment on the due date.
If you are paying an annual fee you could ask your credit card institution to waive the annual fee or refund it.
Other ways to save on your credit card
If you purchased tickets to a concert or event, from a company like webtickets, and the event or concert was then cancelled due to the Coronavirus pandemic you can claim a refund on your credit card, from the ticket issuing company or the actual venue.
You can request that your credit card issuer for a chargeback, this will refund you your purchase whilst your credit card issuer disputes the charges with the ticket seller or venue.
New due dates
During these times most businesses are highly accommodating and will allow you to move payment due dates to the day you get paid or receive financial relief without charging you a late fee.
Lower your interest rate
Negotiate with your financial institution and credit card issuer on a lower interest rate to pay. Whilst you will still need to pay your monthly instalments you will save a small amount on monthly interest.
To find out which options best suit you and which your bank and credit card issuer offer to you book an appointment with a reliable financial institution and take control of your finances.