As the coronavirus pandemic continues to wreak havoc on the economy, more and more borrowers are struggling to keep up with their payments. According to a recent report, 5.6 million borrowers are now at least 90 days behind on their payments, and this number is expected to increase in the coming months.
The situation is especially dire for those who have taken out loans backed by the federal government, such as student loans or mortgages. These borrowers are facing an unprecedented level of financial hardship and are in need of help. Unfortunately, many of these borrowers are unaware of the assistance programs available to them or don’t know how to access them.
Fortunately, there are a number of resources available to help borrowers who are struggling with their payments. The first step is to contact your lender and explain your situation. Many lenders are offering loan forbearance or other assistance programs that can help reduce or even eliminate your payments for a period of time. Additionally, the federal government has created several programs that offer financial assistance to those affected by the pandemic.
In addition to seeking help from your lender, there are a number of nonprofit organizations that can provide assistance. These organizations can provide counseling and advice on how to manage your finances and get back on track with your payments. They can also help you apply for government assistance programs and other forms of financial aid.
Finally, it’s important to remember that you are not alone in this situation. There are millions of other borrowers who are in the same boat and facing similar challenges. It’s important to reach out for help and take advantage of the resources available. With the right help and support, you can get back on track and get your finances back in order.
If you’re one of the 5.6 million borrowers who are struggling to make their payments, it’s important to seek help as soon as possible. Don’t wait until it’s too late – contact your lender and take advantage of the resources available to you. With the right help and support, you can get back on track and get your finances back in order.