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Arizona PIRG Education Fund offers tips to cut interest rates, avoid financial traps

Arizona PIRG Education Fund

With the novel coronavirus (COVID-19) pandemic resulting in a significant number of job losses, many Arizonans are concerned with how they’re going to pay their monthly bills. The Arizona PIRG Education Fund released a guide with tips for how consumers can negotiate with their banks to lower interest rates, waive overdraft fees, and determine payment plans to provide more financial peace of mind in the months to come.

Diane E. Brown, Executive Director of the Arizona PIRG Education Fund stated, “When Arizonans budgeted for 2020, they could not have predicted a pandemic that would force them to work from home, cut their hours, or leave them suddenly unemployed. Across our state, as individuals and families experience financial hardships and uncertainties, banks, lenders and utilities should provide flexibility for those struggling to make ends meet.”

Brown added, “While it has been great to see some financial institutions and utilities stepping up to help customers pay off bills, make rent and mortgage payments on time, or reduce student loan debt; until all banks and financial institutions help consumers negotiate plans that protect their financial wellbeing and obey stay at home orders, Arizonans should be proactive in reaching out to address any potential problems.”

To help consumers navigate the fake products promising cures, price gouging preventing purchases of critical supplies, ongoing loan payments and travel cancellations, the Arizona PIRG Education Fund has also prepared a set of guides for consumers. The organization encourages ideas for future guides be sent to [email protected].