Can I opt for credit card forbearance without paying penalty?
Depends on the credit card company you're working with. Speak to the credit card company as soon as possible. Some credit card companies are waiving off the interests whereas others are simply allowing people to defer payments. But yes, many credit card companies are allowing consumers to stop making payments for the time being.
Realizing the current economic situation, the credit card companies are offering several assistance programs. Like, they are now considering late fee waivers, low-interest rates, or temporarily skipping the monthly payment without any interest rate, etc.
You have to call your credit card companies and state to them about your current negative condition. Ask for assistance from them.
A way will surely come out!
For more assistance, you may call 800-DEBT-913.
If you are facing difficulty to make credit card payments, contact your credit card company and explain your financial situation. It is better if you contact them first and ask for assistance, if they can provide any.
If you are facing financial hardship due to this pandemic, you can contact your creditors and let them know about your current financial situation. You might get the permission f late or extended payment plan.