Credit card companies prepare for struggling consumers

Credit card companies prepare for struggling consumers

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Your credit card company may cut you some slack during the coronavirus pandemic.

With repercussions from the outbreak including job cuts, furloughs and business closings, credit card companies are preparing for some cardholders to have problems making their monthly bills.

U.S. companies have already announced more than 1,000 job cuts as a result of the COVID-19, according to outplacement firm Challenger, Gray and Christmas and USA TODAY research. The travel industry and restaurants are expected to be especially hard hit as people are asked by health officials to stay at home for weeks.

Credit card bills will still arrive in the mail – or email – in the weeks ahead, and the average American has four credit cards, according to credit bureau Experian. The average credit card balance: almost $6,200.

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