COVID-19 Impacts on Income

With special protocols being put in place for COVID-19, your income or your family’s may be impacted. Especially during times of crisis, it is important to make strategic and sound financial decisions. Here is information from Diana Yacob, the financial expert, part of the Financial Stability Program at NOVA.

Things you should know:

Creditors/lenders normally offer hardship assistance. This could include temporary adjustments to your agreement/contract.

• Interest Rate
• Minimum Payment
• Due Date
• Payment Deferrals
• Waived Late Fees
• More

Next steps:

Contact your creditors/lenders and ask if they are offering any hardship assistance because of the COVID-19. Even if they are not offering something specific for the COVID-19, they will probably have a general hardship program available. Things are changing every day. Even if nothing is being offered now, it is possible that something will be offered later. Continue to contact your creditor/lender as the situation continues.

Please note that not all offers will be in your best interest. Make sure you review their offer thoroughly and your financial situation before accepting.

She has her masters in Personal Financial Planning and is accredited through the Association of Financial Counseling Planning and Education as a financial counselor and financial coach.

If you would like to talk to Diana Yacob about you or your family’s financial situation, please email her at dyacob@nvcc.edu.