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- An April 13 survey from Lending Tree revealed that 91% of people who requested relief for their credit card and mortgage payments due to the coronavirus were approved for assistance.
- Of those who didn’t request assistance, one in five didn’t realize asking for help was an option.
- Men were more likely than women to request and receive support, and Gen Xers were more likely to ask for and receive aid than baby boomers or millennials.
- If you’ve been financially impacted by the coronavirus, call your lenders to ask for financial assistance.
- Read more personal finance coverage »
As millions of Americans lose work due to the coronavirus, many find it challenging to pay their monthly bills.
Many banks, lenders, and credit card issuers are offering assistance to customers who have been financially affected by the coronavirus. Most companies aren’t offering help automatically, though — you need to contact a customer service agent to request relief.
Online lending marketplace LendingTree surveyed 1,431 Americans about their experiences requesting help from lenders during the coronavirus pandemic. Of those surveyed, 1,387 were credit cardholders and 1,024 were homeowners.
Over 90% of people who spoke with lenders received aid
The LendingTree survey showed that 91% of people who asked their credit card issuer for flexibility on their monthly payments were approved. Sixty-seven percent of those people received help with each credit card they requested assistance for, and 24% got help with some of their credit cards.
Additionally, 91% of people who requested relief from their mortgage lenders were approved.
Of those surveyed, 30% didn’t ask credit card issuers or mortgage lenders for financial assistance. Many said they didn’t ask for help because their finances hadn’t been significantly impacted by the coronavirus. But one in five people who didn’t talk to lenders said they didn’t realize asking for help was an option.
Men and Gen Xers are most likely to request and receive aid
Only 18% of women surveyed asked for credit card payment relief, and 41% of men requested help. Of those who asked their issuers for help, 86% of women were approved and 93% of men were approved.
Gen Xers were the most likely to request aid from their credit card issuers and were the most successful in being approved. Only 7% of baby boomers even asked for help with their credit card payments.
A quarter of the millennials surveyed said they didn’t know they could request assistance from lenders.
Don’t hesitate to ask for help
If you request payment assistance, your chances of being approved are high. So don’t be afraid to ask for help — not just for credit card and mortgage payments, but also for bills like private student loans, personal loans, and auto loans and leases.
You may receive aid in the form of payment deferment or forbearance, waived late fees, paused interest rates, or suspensions of foreclosures and repossessions.
- Read more on managing your money in this tumultuous time:
- 3 options for people struggling to pay their mortgage during the global health crisis
- 4 reasons to get disability insurance, even if you don’t think you need it
- If you’ve been financially impacted by the coronavirus, you may be able to pause payments on these 8 bills
- How to get a stimulus check from the US government, which could pay up to $1,200 if you qualify
- In response to the coronavirus, credit card issuers like Amex and Capital One are letting customers skip payments without interest and more
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Get the latest coronavirus business & economic impact analysis from Business Insider Intelligence on how COVID-19 is affecting industries.
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