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    Nicole Newby

    I've heard the safest way to help protect your credit score if you can't afford to make your payments is to call the lenders directly and put an agreement in place. Try to get it in writing, but if not, ask for the person's name you're speaking with and write down the date and time of the call so you have a record of it! 

    More here: https://www.creditsesame.com/blog/updates/credit-card-partners-and-banks-offering-temporary-relief/

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    Evgeniy Kuznetsov

    I would definitely call your lenders and ask them nicely if they could either 1. Lower a portion or half your statement balance, or 2. Reduce your monthly minimum payments, or 3. Ask them for a grace period time ex: 2, 3 month how ever long you personally think it will take to get back on the feet. It a tough time right now for most of us, and lenders are willing to work with you. Note a lender is not obligated to grant, agree, comply with your request, but if you have a good relationship or good standing with a lender they will typically offer something to help your account from going into collections. Just remember it is a Request and if accepted follow thru on your agreement and try get something in formal agreement an email or physical conformation from your lender accepting the terms. Good luck

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  • Thanks Evgeniy. Calling your lender is definitely the way to go. In fact, we cannot stress the importance of communication enough, be it with lenders, landlords, utility companies, etc. It never hurts to ask for a bit of leeway, and you might wind up getting more of it than you hoped for. 

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