Financial expert helps you manage your money during the coronavirus (COVID-19) crisis

Job losses, layoffs leave many people concerned about future

DETROIT – The dramatic job losses and layoffs due to the coronavirus (COVID-19) crisis have many people wondering about their financial future.

Some help is available, as mortgage and credit card companies work with companies. Help Me Hank spoke with a financial expert to help Metro Detroiters get through the pandemic.

The number of people affected by the crisis is astounding. Millions have filed for unemployment benefits across the country, and a record number have done so in Michigan.

Many people need relief, and banks are trying to help.

  • Ally is waving all overdraft fees and deferring auto and home loan payments for 120 days.
  • Bank of America is allowing customers to apply for credit card or mortgage deferral programs.
  • Chase is offering a mortgage payment hotline -- 800-848-9380.
  • Huntington Bank is suspending late fees and isn’t initiating new repossession action for financed vehicles.

It’s up to you to contact your bank or credit card company to seek out the help you need, according to financial expert Kirk Cassidy.

He said many people are struggling, and unemployment checks alone won’t cut it. It might be hard, but people have to establish a network and reach out for help to cover the necessities.

For those with investment plans, many of which are tanking, experts advise you to hold tight. Don’t many any drastic decisions today that could affect your bottom line in the future.

You can hear what Cassidy had to say in Hank Winchester’s video above.

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