U.S. PIRG offers tips to cut interest rates, avoid financial traps
U.S. PIRG Education Fund
PHILADELPHIA — The novel coronavirus (COVID-19) pandemic has resulted in job losses across the board, leaving many Americans wondering how they’re going to pay their monthly bills. U.S. PIRG Education Fund released a guide Tuesday with tips for how consumers can negotiate with their banks to lower interest rates, waive overdraft fees, and agree on payment plans to provide more financial peace of mind in the months to come.
Grace Brombach, U.S. PIRG Education Fund Consumer Watchdog associate, put out the following statement in response:
“When Americans 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. All across the country, people are experiencing financial hardships and uncertainties, and it’s important that banks, utilities and lenders provide flexibility for those individuals and families struggling to make ends meet.
“Some financial institutions and utilities have taken steps to help customers pay off credit card bills, make rent and mortgage payments on time, or reduce student loan debt. But until all banks and financial institutions meet their responsibility to help consumers negotiate new plans that protect their financial wellbeing and obey stay at home orders, consumers should be proactive in reaching out to address any potential problems.”
Check out the rest of U.S. PIRG’s COVID-19-related tip guides for consumers here.