Currently, many of our business models are shifting to meet the adjusted needs of our markets. Some of these models rely heavily on credit, which has many entrepreneurs losing sleep. However, creditors realize that if they want to succeed, their credit holders need to succeed first. Here are some of the common ways creditors are helping credit holders during this unprecedented time.

Waving and Deferring Late Charges

American Express, Bank of America, Ally, and Wells Fargo are allowing customers to waive late fees or defer them to a later date. Apple Card customers, as well as Capital One, Chase, and Citibank clients, can contact them directly to explore other financial hardship options.

Temporarily Lowering Interest Rates and Monthly Payments

To ensure they’re assisting their customers during this time, creditors are temporarily lowering interest rates and payments. American Express, Bank of America, and Wells Fargo are lowering monthly minimum payments, and some companies are lowering their rates until July 15, following IRS extensions. Still, the due dates vary between businesses, so contact your creditors directly about their policy amendments.

These are just some of the ways the leading credit companies are helping their clients. However, to ensure your credit is on track during this difficult time, reach out to the Credit Clinic. The team at the clinic provides one-on-one consultations to help entrepreneurs succeed. If you’re an AFEUSA member, use your exclusive discount through your membership portal.