Politicians and policy makers are not talking enough about Corona-Debt and their plans to help working families manage the financial devastation they will suffer.
What They Are Not Saying to Us About Corona Debt
Where is the Help for Working People and the Debt Hole the Corona-Economy is Digging for Them?
All the politicians and policy makers keep talking about a fantasyland where we all go back to work soon – before mass testing or a vaccine. The truth seems more likely many more months of lockdown. I see little to no help for working families to get out of the debt hole that is being dug.
New York Attorney General Letitia James Announced Plans to Keep Stimulus Checks Out of the Hands of Debt Collectors
By: Robert J. Nahoum When the federal government passed the Coronavirus Aid, Relief, and Economic Security (“CARES Act”) including stimulus checks of up to $1,200 per adult and $500 per child, it failed to protect that money from the reach of debt collectors. Those of us in the consumer protection community immediately recognized the threat to working people and began […]
New Relief for New York Student Loan Borrowers in the Corona-Economy
By: Robert J. Nahoum THE PROBLEM In response to the Corona-Economy, the federal and state governments have taken extraordinary measures to help, for the time being, working people stem the tide of economic devastation. One of the early areas of intervention was with regard to Federal Student Loans. Congress passed the $2 Trillion relief bill called the “Coronavirus Aid, Relief, […]
The Debt Hole on the Other Side of the Corona Economy
Working families are increasingly relying on credit cards to survive the corona-economy. The debt collectors are waiting on the other side.
What Is a Forbearance or Payment Deferment in the Corona-Economy?
By: Robert J. Nahoum THE PROBLEM Our economy has stopped dead in its tracks. As of this writing, unemployment claims have exceeded 16 million. Even those who are still working, whether from home or in the field as an essential worker, are terribly anxious about what the economic future will bring. We sit at our kitchen tables trying to figure […]
Mortgage Payments During the Corona Economy
If you have a federally backed mortgage and are experiencing a corona-related hardship or anticipate such a hardship, contact your loan servicer right away and apply for a corona-forbearance.
Is Your Stimulus Money Safe from Creditors?
I am growing increasingly concerned that the much needed corona-economy stimulus money will not be protected from seizure and levy from heartless debt collectors.
Credit Card, Scarcity Spending and the Corona-Economy
In the depths of the corona-economy, we are staying home, we are filling up our online shopping carts and stockpiling toilet paper. At the same time, unemployment is skyrocketing. We are doing all this spending on the credit card. When life resumes, will we be able to pay the bill?
Must You Pay Your Mortgage During the Corona-Economy?
By: Robert J. Nahoum THE PROBLEM We are in the depths of the Corona-Economy, as of this writing, nearly 10 million US workers have already filed for unemployment benefits with far more to come. These numbers do not include gig workers and those still working but fewer hours. Given this extraordinary economic disruption for working Americans, the burden to make […]