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Consumer Debt – COVID-19 Issues

Last updated August 30, 2021

Below are selected websites from reliable sources, vetted by our Law Librarians. This is not an exhaustive list of information available on this topic, but a starting point to provide you with basic information during this pandemic.

 

In addition to posing a threat to our physical health, COVID-19 is affecting the financial health of many consumers. Below you’ll find information on FDIC response to COVID-19 for consumers and businesses, credit reporting, updates regarding student loans, and information on protecting your finances.

 

The Consumer Protection Bureau published an update of recently extended financial protections for federally held student loans, evictions, and some mortgages: Struggling during the pandemic? COVID-19 financial relief and protections extended

 

The Consumer Financial Protection Bureau recently published a report titled ‘The Early Effects of the COVID-19 Pandemic on Consumer Credit.” The focus of the report is on consumer credit outcomes as a result of the immediate and dramatic shocks to consumers and household income in the early months of the COVID-19 pandemic.

 

The FDIC has updated information for coronavirus (COVID-19) consumers and bankers: https://www.fdic.gov/coronavirus/index.html

 

The National Consumer Law Center has made the digital version of their popular publication, Guide to Surviving Debt, available for free during the COVID-19 pandemic. https://www.nclc.org/for-consumers/guide-to-surviving-debt.html

 

Credit Reporting

If your finances have been affected by COVID-19, steps you can take to protect your credit score include continuing to make minimum monthly payments. If that is not possible, contact your creditors about making a payment plan. For more information on COVID-19 and your credit score, click the links below for updates from the three major credit reporting agencies.

Article from National Consumer Law Center (NCLC) on Enforcing the CARES Act Credit Reporting Protections

Additionally, credit reports Equifax, Experian, and TransUnion are now free every week: https://www.consumer.ftc.gov/blog/2020/05/credit-reports-are-now-free-every-week

Student Loans

Update August 6, 2021: Principal and interest payments on federally-held student loans are automatically suspended through January 31, 2022. Read here for more on if you qualify and what it means for your student loan.

 

The Consumer Financial Protection Bureau has an up to date YouTube channel which covers issues related to consumer debt. Check out the symposium on student loans during the COVID-19 pandemic below:

 

As outlined in the CARES Act, both the suspension of loan payments and the temporary 0% interest rate on loans owned by ED are scheduled to expire now on January 31, 2022  For more information, review this page on the Federal Student Loan Website:

 

 

  • Among other things, this Act temporarily suspends payments for federal student loans. A summary and full text of the Act, Senate Bill 3548, is provided here.

 

 

 

 

Federal Student Loan Providers

Stay up to date with with information on federally held student loans at Federal Student Aid, an official website of the U.S. Government. Below is a list of federal student loan providers.

 

 

Information from the Consumer Financial Protection Bureau

 

 

The Consumer Financial Protection Bureau (CFPB) is the federal agency tasked with enforcing federal consumer financial laws and protecting consumers in the financial marketplace.

Debt Collection Resources from the Consumer Financial Protection Bureau

If you are facing financial difficulties as a result of the pandemic, we have resources to protect and manage your finances.

 

 

 

  • The Consumer Financial Protection Bureau has prepared a resource guide for protecting your finances during the Coronavirus pandemic.

 

 

 

 

Major Consumer Protections in Response to COVID-19

The National Consumer Law Center (NCLC) has compiled a list of major consumer protections announced in response to COVID-19 (updated June 17): https://library.nclc.org/major-consumer-protections-announced-response-covid-19

 

Protecting Against Creditors’ Seizure of Stimulus Checks. https://library.nclc.org/protecting-against-creditor-seizure-stimulus-checks

Free access to Surviving Debt: Expert Advice for Getting Out of Financial Trouble

Mortgages

The National Consumer Law Center released a new chapter on homeowners rights – read more about it here.

The Federal Trade Commission has information for consumers on coronavirus and mortgages: https://www.consumer.ftc.gov/blog/2020/04/coronavirus-and-your-mortgage?.

Additionally, the National Consumer Law Center has an article about mortgage relief for homeowners effected by COVID-19.

Check out this NCLC Chart which offers information on foreclosure alternatives for borrowers with COVID-19 Hardships.

Consumer Financial Protection Bureau has prepared a guide to coronavirus mortgage relief options.

COVID 19 mortgage relief: 4 things to know from consumerfinance.gov

Resources for Service Members:

https://www.consumerfinance.gov/coronavirus/servicemembers/

Additional Resources

The National Legal Aid & Defender Association (NLADA) has prepared a resource guide covering COVID-19 Updates and Resources. See section on Housing, Debt, and Consumer Issues.

Bankruptcy

April 2021 – Summary of COVID 19-related Bankruptcy provisions and sunsets, from NCLC:

Cheat Sheet to COVID-19 Bankruptcy Provisions and Sunsets | NCLC Digital Library

December 1, 2020 Changes to Bankruptcy Rules, Forms, and Fees read more from the NCLC Digital Library here.

San Diego Law Library has an up to date YouTube channel. Please see below for our videos relating to bankruptcy:

 

 

 
 
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