Keeping your finances healthy during COVID-19

May 7, 2020

Many Americans say they are stressed about their finances, which have been impacted by the new coronavirus. Here a few tips to help you manage your financial health during these tough economic times.

Financial tips for use during COVID-19

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Credit scores play an important role in your financial future. Set up online payments to stay on top of credit card payments during this pandemic. On-time payments help you maintain a good credit score.

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Open an emergency fund, if you don’t already have one. Save a little money at a time for future use, in case this crisis lasts longer than is anticipated.

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Voice your concerns to your financial lenders. Many institutions have announced proactive measures to help borrowers impacted by COVID-19.

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Inquire about your student loans. Ask for the income-sensitive payment plan or a limited loan forbearance period. Check with your loan provider for details.

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Don’t be fooled by scammers! Be cautious of emails, texts or social media posts that may be selling fake products or inaccurate information about emerging coronavirus cases.

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One way to damage your financial profile is by accruing unnecessary debt. Don’t take on any new debt and try to reduce your current debt as much as possible.

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90% of the time we make emotional purchases when we are stressed. Save your money. Now is not the time to spend on unnecessary purchases.

Content provided by the Society for Financial Education and Professional Development

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Services for members needing assistance

The Credit Union has a variety of loan assistance programs in place for eligible LGFCU members with home, vehicle, credit card and unsecured personal loans subject to approval.

For members experiencing a job loss, a reduction in hours or other income loss and cannot make their loan payments on time options include:

  • Payment extensions
  • Partial payment plans
  • Forbearance
  • Refinancing of existing debt

When you're ready, we're here

To discuss lending assistance options or other needs, log in to Member Connect to send a secure message or call your local branch. You can also call 24/7 Member Services at 888.732.8562, but you may experience a delay due to heavy call volumes.

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