Navigating Finances Through COVID-19

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My Personal Mantra

“It doesn’t matter what you

make; it only matters what you

manage.”

-Vershelle Frazier

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OUR AGENDA

Welcome

Introduction

Personal Mantra

COVID Resources

Financial Tips

Personal Response

Credit Management

Q&A

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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

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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.

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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.

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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

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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.

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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

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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”

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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

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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.

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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)

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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

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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

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Financial Account Status

INDIVIDUAL ACCOUNT (MINE)

JOINT ACCOUNT (OUR)

AUTHORIZED USER (COAT TAIL)

CUSTODIAL ACCOUNT

(GUARDIAN)

BENEFICIARY (REQUIRES DEATH

CERTIFICATE)

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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

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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

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Have additional questions?

Vershelle Frazier, MBA, NCRM, BSACS, CCUIA

vfrazier@coca-cola.com

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

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