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The NFCC is here to provide safe financial guidance for you, your friends and family. We offer credit counseling, help for housing, whether you are a homeowner or renter, and coaching for small business owners.

 

😷 If you have been impacted by COVID-19, our team is here to helplearn more..

The Mental Impact of Financial Stress and Tips for Dealing with COVID-19 Impacts

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A recent poll from the National Endowment for Financial Education shows that 88 percent of Americans are experiencing financial stress as a result of COVID-19. That does not come as much of a surprise, given the way in which the pandemic has created widespread uncertainty and significant economic fallout in such a short time. Financial stress revolves around money, but it is a form of stress and therefore both a personal finance and mental health issue. 

 

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The State of Americans’ Financial Health Prior to COVID-19

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The events of recent weeks have brought to light new economic data about how the COVID-19 pandemic is affecting Americans financially. There has been some good news—many are saving at record levels, and credit card debt declined significantly in March. Not all segments are strong, though. With record unemployment and salary reductions, many people are struggling to save and pay debts. As the future unfolds, and hopefully the pandemic subsides, many Americans will work to rebuild their finances.

 

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Will paying off a closed account help my credit score enough to rent an apartment?

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The most important factor influencing your score is your account history, which includes your record of payments. Even after you pay your collections, you will still be dealing with their negative effects for a while. The good news is that their negative impact lessens over time, making it crucial that you continue to make timely payments on your credit card and student loans. Another important factor is your credit utilization ratio, which you already know to keep below 30%. Then, you have to look at how long you’ve had credit, your credit mix (how many different types of credit you have), and how often you ask for new credit. 

 

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Podcast Announcement 📣

Rebecca Steele, President & CEO of the NFCC, is back on the show to discuss how nonprofit credit counseling is evolving through innovation and technology to help more people overcome financial challenges.

 

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Credit repair is the topic for this episode, and our guest is Bill Cheeks of ABBA Associates. He will share his views about credit repair services and what people should know when looking for help addressing credit reporting issues.

 

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NFCC in the News: 📰

  1. Credit Limit Lowered? 4 Things You Can Do Right Now to Fix It Read More...
  2. Everything To Know About Reverse Mortgages Read More...
  3. If you need to go into debt, keep these three rules in mind Read More...
  4. Nearly 17% of Consumers Owe More Than $10,000 on Credit Cards Read More...
  5. What is a debt validation letter? Read More...

Around the Country 🗽

How to use your credit card to solve financial emergencies 

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Millions of Americans are unemployed as businesses shut down to lower the spread of the coronavirus, prompting many people to dip into their savings. Other workers are furloughed indefinitely and are relying on unemployment funds to pay some of their bills. Unexpected medical bills and auto repairs can impact household budgets. Using your credit cards during financial emergencies can be a stop-gap measure and help you avoid borrowing from your retirement funds such as your 401(k) plan or IRA.

 

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Have questions? Submit them to our Ask an Expert page

Previous Newsletters 📰

Newsletter - 05/21/2020 Newsletter - 05/06/2020


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