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Harry Seaward

How is everyone managing their finances with COVID-19?

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All of my credit card creditors have given me a 30-day deferral (all but one, but I missed the due date on that one so they told me to pay the missed payment and then to call back before the next payment is due).  My mortgage company gave me a 3 month forbearance that I will have to repay after the 3 months.  They said they will work with me on a repayment plan after the 3 months.  I have started a new business that appears to be doing well, so I shouldn't need more than these first 30 days, but I'm interested in hearing how everyone else that hasn't been able to work is managing.

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I, personally, am doing OK for now financially.  Nobody in the family is sick AFAIK.  I feel really bad for relatives in NYC who are stuck in tiny apartments for weeks on end with no escape.  
 

Most of my kids are out of work and having trouble getting the money they will need for college in the fall.  
 

Things will get quite tight in the fall.  The kids have been getting help from grandparents, who have depended on the high stock market to help out their grandkids.  So I expect the kids to take on a very heavy student loan burden. I also expect things to be extremely tight with my wife and I helping as much as possible.  We may have to take on a hit if debt ourselves at a time when we are getting close to retirement age.  We were completely wiped out in the 2008 crash, and it took many years to get into the black.  Our retirement plans were pretty much destroyed in that crash, when we lost the rental properties which were supposed to give us some income during our retirement.  Now we are finally starting to save a small amount of money for retirement we may lose that.  I am too old for this.  
 

One of my kids was out of work for a while but has already been called back.  I already discussed with him how to delay student loan payments, car payments, etc if he were out of work for too long.   It appears he may not need any help at all.  

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Just got six month pay cut at work. We have one CC with a balance of around a grand. Thinking of paying that off with savings and then trying to save at least a portion of the 400/month I was paying on it.  

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We have a car payment and a mortgage through our credit union.  They deferred our car payment for two months and offered a mortgage assistance loan that covered up to 6 months of payments with a repayment term of 60-months.  Because the interest rate was so low, we took the max of six months.

So far we've been able to hold our own.  I'm self-employed and have a small trickle of business coming in.  My husband is also getting some hours in at his work.

We've received emails from several credit card companies with information on assistance that's available.  Then there was an email from CreditOne.  (I've been meaning to cancel this card for a while because of the high fees.)   CreditOne is offering a $200 credit limit increase in exchange for a $14.95 fee.  I couldn't help but believe they were preying upon people who were desperate for credit to purchase groceries and other necessities for their family.  Talk about opportunists

I hope everyone is well and not being too hard by the COVID-19 situation.

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