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Navigating Finances Through COVID-19
Classified - Confidential
My Personal Mantra
“It doesn’t matter what you
make; it only matters what you
manage.”
-Vershelle Frazier
Classified - Confidential
OUR AGENDA
Welcome
Introduction
Personal Mantra
COVID Resources
Financial Tips
Personal Response
Credit Management
Q&A
Classified - Confidential
2020 CARES
Stimulus Check
Stimulus checks for individuals and
joint filing taxpayers
Stimulus checks — US residents can get:
Up to $1,200 for individuals
Up to $2,400 for joint taxpayers
$500 each additional qualifying child
under 18 years of age
Based on information from your 2018 or
2019 tax filings
Classified - Confidential
COVID-19 Unemployment Relief
Increase in unemployment payments April 2020
Unemployment payments will be increased by $600
weekly for four months through July 31,2020.
The bill also includes those who were previously
not eligible for unemployment such as part-time
employees, freelancers, independent contractors,
gig workers, and the self-employed.
Classified - Confidential
COVID-19 Mortgage Relief
Mortgages Homeowners Relief: Requires servicers of
federally backed mortgages to postpone mortgage
payments borrowers who affirm financial hardship due to
COVID-19.
Temporary Foreclosure Moratorium: Prevents servicers of
federally back mortgages loans from initiating any
foreclosure process for at least 60 days from March 18,
2020.
Eviction Renter Relief: Through July 25, 2020, landlords
with HUD or federally back mortgages can’t initiate
evictions on tenants.
Classified - Confidential
COVID-19 Student Loan Relief
As of April 3, 2020
The Department of Education enacted relief efforts through the CARES Act.
0% Interest for Student Loans
The interest rate on all federally held student loans serviced by FedLoan Servicing will temporarily be reduced to 0% until September 30, 2020.
FedLoan Servicing will automatically adjust accounts so that interest doesn’t accrue (i.e., accumulate).
The account adjustment will be effective March 13, 2020.
This 0% interest rate change will be applied to all federally held loans in any status (in school, in grace, in repayment, in deferment/forbearance, etc.).
All borrowers will automatically be placed on an administrative forbearance which will temporarily suspend monthly payments.
https://studentaid.gov/announcements-events/coronavirus#borrower-questions
Classified - Confidential
Credit Protection During COVID-2019
The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020
amended the federal Fair Credit Reporting Act to impose new COVID-19
related reporting requirements on information furnished to consumer
reporting agencies.
Under the CARES Act (Credit Protection During COVID-2019), if the credit
union makes an “accommodation” on a credit obligation or consumer
account, the credit union should continue to report the account as “current”
if the member fulfills the terms of the accommodation.
The term ‘accommodation’ includes an agreement to defer one or more
payments, make a partial payment, forbear any delinquent amounts, modify
a loan or contract, or any other assistance or relief granted to a consumer
who is affected by the coronavirus disease 2019 (COVID–19) pandemic during
the covered period.
Classified - Confidential
Ask For Payment Terms
GA Power
From March 14 (extended)
30 Day Payment Extension
No Late Fee
No Deposit
Pay online for free of charge
Call toll free number for more
assistance
Scana Energy
From March 14 (extended)
Pay at any Kroger location
Temporarily suspended
disconnections
Review payment history on case by
case basis
Payment plan option as needed
Classified - Confidential
Ask For Payment Terms
Macy’s
Waiving late fees
2 minimum payment extension
Interest continue to accrue
Un-enroll in auto payment
Visit website for COVID-19
frequently ask questions
American Express
Use credit card app
Use online chat for faster service
Visit website for self-service options
Offering 30-day payment extension
Waiving this month interest
Waiving monthly late fee
No negative hit to credit report
Here to help, “just call us”
Classified - Confidential
Ask For Payment Terms
Cellular Phone Company
More self-service options
Fee payment via app or website
Automatically setup payment
arrangements via phone
prompts
Water / Sewer Bill
No disconnection starting 4/17/20
(now month to month)
Request a payment plan
$4.00 cost to pay by phone
$4.00 cost to pay via website
Classified - Confidential
Retirement Account Changes
Early Withdrawal Penalty Eliminated: Waives 10% early withdrawal penalty for withdrawals up to $100,000 from qualified retirement accounts, including IRAs and 401(k)s for retirement plan participants who qualify for COVID-19 relief.
Increases Retirement Plan Loan Amount: Qualified retirement plan can now take the lesser of $100,000 or 100% of participants vested balance.
2020 RMDs Waived for Retirement Accounts: Required minimum distributions are waived for all employer plans and IRAs in 2020, including inherited accounts.
Classified - Confidential
The D’s That
Cripple Our Credit
Downsizing
Disease
Defensive Saver Married to An
Offensive Spender
Divorce
Death
Dumb DNA Decisions
(No or poor money
management habits)
Classified - Confidential
Emergency Fund
We all must have an
emergency fund in cash
and credit to survive
financial bumps in the
road called life
2008 Mortgages Crisis
2019 Govt. Shutdown
2020 COVID-19
Classified - Confidential
Stick To Essential Budget
Essential (Fixed & Critical)
Food
Mortgage
Car Note
Insurance (Medical/Auto/Home)
Medicine
Gasoline
Utilities
Day Care
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Insurance Coverage
COBRA Care
Obama Care
PeachCare (Kids)
Medicare (65+)
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Auto & Home
Insurance
Payment
Relief
Grace Period Extension
Request Special Payment Plan
Skip 1 or 2 Premium Payments
Extra Time To Pay
Waive Late Fees & Penalty
Will Not Cancel Coverage for 30 days
Contact your insurance agent
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Power Of Attorney
Financial Decisions
Medical
Decisions
Educational
Decisions
Classified - Confidential
Financial Account Status
INDIVIDUAL ACCOUNT (MINE)
JOINT ACCOUNT (OUR)
AUTHORIZED USER (COAT TAIL)
CUSTODIAL ACCOUNT
(GUARDIAN)
BENEFICIARY (REQUIRES DEATH
CERTIFICATE)
Classified - Confidential
Support Local Business Thru The Storm
Take Out Tuesday
Order Online
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Get Your
(Financial)
House in Order
Fund 3 to 12 month emergency fund
Get a POA
Get or Update Will
Update your beneficiary selection
Add authorized user to account (older parents, etc.,)
Review your 401k selections (annually review to ensure properly diversified)
Support businesses in the community
Back to the basics: DIY
Pay down credit card debt *
Work your plan and STAY THE COURSE
Classified - Confidential
5 Golden Rules of Credit Management
1. 35% Pay On Time
2. 30% Utilization
3. 15% Relationship History
4. 10% Credit Mix
5. 10% New Credit
100% Credit Score
Classified - Confidential
Have additional questions?
Vershelle Frazier, MBA, NCRM, BSACS, CCUIA
For more information on
Relief Loan & Relief Deferment
options provided by Coca-Cola Credit Union,
please visit our COVID-19 Resource Page at
creditunion.coca-cola.com
Classified - Confidential