A lot of people are grappling with financial struggles due to the coronavirus, especially when it comes to things like paying mortgages and bills, but it turns out, folks could get some help if they simply ask.
According to a survey by LendingTree:
- More than 90% of people who asked their mortgage lender or credit card issuer for a break on their monthly bill received it.
- 91% of credit card holders were successful when they asked for a break on their monthly payment because of coronavirus-related circumstances.
- 91% of homeowners who asked were given a reprieve from their monthly mortgage payment.
- Men were twice as likely to ask for a break than women, and they also had the highest success rate.
- Generationally, Gen X had the most success asking for a break on both their mortgage and credit card bill.
- Gen X were also more likely to ask for a reprieve from their credit card payment, while Millennials were the most likely to ask for help with their mortgage.
- Sadly, 18% of people say they didn’t realize asking for help was even an option.
- It seems many lenders will offer hardship programs after natural disasters, and the coronavirus outbreak qualifies as one. It allows victims of the disaster to get short-term help in the form of reduced interest rates, higher credit limits, waived fees and more.