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Gulf Street Advisors Won’t Give You Credit Card Relief

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Gulf Street Advisors simply won’t bring you credit card relief.

Gulf Street Advisors, Snowbird Partners, Brice Capital, Old Dominion Associates, Sooner Partners, and Memphis Associates have been flooding the market with debt consolidation and personal loan offers in the mail.

The problem is that the terms and conditions are at the very least confusing, and possibly even suspect. The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers.

Best 2020 Reviews, the personal finance review site, has been following Gulf Street Advisors, Snowbird Partners, and other debt consolidation web sites for some time.

In the wake of the coronavirus crisis, credit card holders have become wary of using their credit cards. The difficult economic circumstances emanating from the coronavirus crisis has unfortunately made credit card payments much more difficult for many card holders. Hence, the public should know about coronavirus relief options that can help them pay back their credit card balances.

Here are the coronavirus relief options that most credit card companies and lenders are extending to their customers.

Coronavirus Relief – Deferred Payments

If you call up your company for relief, then you may be entitled to deferred payments. This is one of the most common relief options that credit card companies are offering to their customers.

Thus, you may be allowed to pay your dues at a later date. You may be allowed to skip a monthly payment or two without any negative reporting to credit bureaus. Thus, there will be no derogatory report in your credit record nor will your credit score take a hit if you take advantage of deferred payments.

Credit card companies have allowed this coronavirus relief option for many customers since they realize that many people are facing difficulties in paying back their debts owing to the covid-19 outbreak.

Thus, if you are finding debt servicing too hard, you should not hesitate to call up your company for deferred payments in lieu of taking out a loan.

Coronavirus Relief – Late Fees Waiver

You probably know that credit card companies impose penalties and late fees for missed payments. However, in view of the financial hardship wrought by the pandemic, credit card companies are refraining from charging late fees and penalties to customers who pay late.

To get a late fee waiver and to avoid penalties, you will have to call up your company to request this hardship relief option.

Your chances of gaining approval for this will be brighter if you have a good record on your credit card payments.

Annual Fee Waiver

Certain credit cards carry an annual fee. However, in the wake of pandemic, you may have to pay little to no annual fees on such cards. It is all up to your credit card issuer.

If you have been paying your dues on time then you can call up your credit card issuer and request them to waive the annual fee in view of the dire fiscal scenario. There is no risk involved in making such a request since the worst that can happen is a refusal which will do you no harm. If paying the annual fee is too hard for you, then you should inform your credit card company about it. This will help them to realize that you could cancel your annual credit card if the fee is not waived during these extraordinary circumstances. If you have made plenty of purchases on your credit card and paid back your dues on time then your credit card company will be more willing to retain you by waiving your fees. The only way to know is by negotiating.

Product Change

If you cannot pay your annual fee on time and the credit card issuer refuses to provide an annual fee waiver, then you should contemplate carefully before cancelling this line of credit. For closing down a credit card could pummel your credit score. One feasible option is to request a product change where you can give up the annual fee card in favor of another card that carries no annual fees. This way, you can avoid paying the onerous annual fee that is made even more difficult during economic uncertainty.

What You Should Know About Coronavirus Relief Options

There are a few things to keep in mind though when it comes to coronavirus relief options for credit cards.

First, coronavirus relief options can vary between lenders. So if you have multiple credit cards, then you will have to understand the unique set of coronavirus relief options available for each card.

Another point to consider is that you will not be automatically enrolled in the hardship plan if you fail to make payments on your credit card balances. You will have to call up your credit card company, explain your circumstances, request coronavirus relief and gain approval. Only then will you be entitled to coronavirus relief.

It is also worth noting that coronavirus relief will vary on a case by case basis. Thus, you may be eligible for different relief options based on your specific scenario. It all boils down to your financial situation.

It is for this reason that most credit card companies have not explained coronavirus relief options in detail even on their websites. Most only provide very broad guidelines on what to expect. Thus, you will have to call up the company and explain your case to find out what you are entitled to.

You should also realize that credit card companies are not forgiving debt. They may permit more lenient terms and conditions for you momentarily, but that does not mean you will not have to pay back the full amount that you owe.

The federal government has passed stimulus packages and financial assistance programs to help the masses cope with the current crisis. But nowhere has the government mandated debt forgiveness to any extent. Thus, you will have to pay the full amount that you owe at a later date.

Although the idea of deferred payments, late fee waivers and other concessions not normally seen may be tantalizing, it is still advisable to use them carefully. If not used responsibly, these concessions can become a major headache later on since you will have to pay larger debts at a later date. You may also incur more interest as the debt accumulates.

Hence, any respite provided by way of coronavirus relief should be seen as an opportunity to get your finances in order so that you can handle your payments by the given deadline. Any complacency here could mean that your situation might aggravate instead of improving. Thus, you must use devise a sound payment strategy to make the most of extended payment dates and other privileges.

With experience as a full-time environmentalist and part time journalist, Lisa heads the post of editor at California Herald. She covers all the significant proceedings in the world of Environment while editing all the news pieces posted over the website to ensure everything aligns with the journalistic format.

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