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How to stay afloat financially in a Federal Shutdown
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How to Ensure Financial Stability during a Federal Shutdown
By NerdWallet Follow NerdWallet’s social media to stay informed about updates
Dec 21, 2022
Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, financial management and debt Kathy Hinson leads the core personal finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Prior experience includes news and copy editing for many Southern California newspapers, including the Los Angeles Times. She earned a bachelor’s degree in journalism and mass communications in The University of Iowa.
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If you’re faced with a mountain of bills, but no income, address the essentials first. That means your roof and food, medicines as well as heat, electricity, and, for those who still must report to jobs even with a shutdown in the governmentthe process of getting to work.
What’s to wait for? Most everything else.
Communication with creditors is essential to surviving a federal government shutdown, and regaining your financial health after. This guide will help you navigate the process in case a furlough for federal workers has hit your household.
How do you deal with creditors?
A missed installment on your credit line (such as mortgage, credit card or car loan or personal loan — can knock as much as 100 points off your credit score, and it can take years to recover fully. Sometimes , there’s no way to avoid that however, it’s worth asking lenders whether they have programs that can aid you in avoiding credit harm.
First, visit each creditor’s website or contact the customer service line to determine if the company has programs in place for government workers who have been furloughed.
Then, if the lender doesn’t have a specific furlough program, ask about policies to accommodate interruptions in the short term.
Finally, you may have to make . Make use of Social Services’ safety net as well. Call 211 or visit 211.org to get connected to the local programs for assistance.
Here’s what to know about particular types of accounts, plus some ways to deal with any disruption in income:
Credit cards
If you’re able to make the minimum payment make it, even if it’s a little late. It’s likely that you’ll be charged a late charge, but if you make the minimum within 30-days of your due date, the account will not be classified as “delinquent” with credit reporting agencies. If you make a late payment, it can affect your credit score and it’s not the minimum amount.
If you can’t pay but you are in good standing, contact your card issuer to explain. Some will allow you to extend the due date or pay the late fee, and report the “current” status of your payment to credit bureaus.
If you’re currently in arrears on your payments, you can ask if there’s a hardship plan which could reduce the rate of interest or lower the minimum payment.
Auto loans
The way or how your lender will collaborate with you depends depending on your lender’s requirements, your situation and the state that you are in with your loan. Contact them before you fail to make an installment to protect your credit from taking a risk . The lender may provide options such as forbearance, or even extending your loan time to reduce the amount of your monthly payments.
If you’re looking for a longer-term loan, you might be interested in other options alternatives, such as the possibility of refinancing your loan.
Student loans
Payments currently are not required for federal student loans The borrowers haven’t been required to make payments since the month of March in 2020. by 2023.
If you have private student loans, make a minimum monthly payment when you are able to. If not, talk to you loan provider or servicer about ways to reduce or postpone the amount of your loan. Most private lenders offer postponement, temporary payment reduction or other options for flexible repayment for those who are experiencing financial hardship.
If you put off payments for any reason the interest rate will remain high. If you are able, make the payments on the interest in this period.
Mortgages
Call your lender before you miss a payment to make partial one. They may provide a forgiveness arrangement or short-term loan.
If you’re purchasing a house, a shutdown could delay loan approvals or closing dates, especially in the case of a government-backed loan. If that looks likely you should consult your agent for real estate or landlord of choice to ask for flexibility on moving dates.
Personal loans
If you’ve covered your essentials and are able to pay the monthly installment for your private loan it is recommended that you. If not, contact your lender to find out whether your account is eligible for relief.
Some lenders could offer a flexible payment plan or hardship plan, or may waive late fees. Lenders might also forgo reporting missed payments to the credit bureaus.
Small businesses
If a shutdown delays the process of getting your U.S. Small Business Administration loan approval, other options include non-SBA banks loans and business lines of credit and online loans however rates will likely to be higher.
You can also submit an application, however, keep in mind that grants funded by the government may not be available at this time.
Other strategies to deal with the situation
Find a no- or low-interest loan
Some credit unions and banks have offered no-interest or low-interest loans to federal employees who were furloughed during shutdowns in the past. Contact your financial institution and ensure you are aware of the rules on eligibility and the repayment terms.
Particularly during times where your next payday is uncertain, resist the convenience that comes with payday loans, which are usually due in two weeks, and have three-digit interest rates.
Increase your earnings by digging out
When your bills are piling up due to any reason, can aid you in finding a way to pay for it. The gig economy makes it easy to find temporary earning opportunities.
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