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CALPIRG offers tips to cut interest rates, avoid financial traps
Oakland -- 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. CALPIRG 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.
Claudia Deeg put out the following statement in response:
“When Californians 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, making rent and mortgage payments on time, or reducing student loan debt. But until all banks and financial institutions meet their responsibility to help consumers negotiate new plans that protect customers 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 CALPIRG’s COVID-19-related tip guides for consumers here.
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