In the US, banks make credit card or personal loan maturities more flexible

The United States is facing a consumer credit crisis, with the economic downturn caused by measures to prevent the spread of the coronavirus.

Today, the state of California -40 million inhabitants- decreed quarantine and in a letter to President Trump, the governor of that state, said that 25 million Californians will be affected by the Coronavirus.

While the Trump administration prepares the largest economic bailout package in history, some banks also go out to make their contribution, making maturities in consumer loans, such as credit card, pledge or mortgage loans, more flexible.

According to the Wall Street Journal, the Citigroup is extending the limits of the credit card, in a decision in which each case is studied in particular, before deciding to grant that advantage. One of the things they take into account is those who face a significant jump in medical expenses that they pay out of pocket.

Meanwhile, JPMorgan Chase is kicking forward some maturities on credit card, pledge and mortgage users.

Meanwhile, Goldman Sachs, which controls the Marcus bank, is asking its clients to sign up to enjoy the one-month extension of the maturities on their personal loans.

The CAME requested an extension of the bank maturities

Today in Buenos Aires, the Confederation of Medium-sized Enterprises (CAME), asked the Government for a battery of 24 measures, among which were, the extension of maturities of credits that many SMEs have with banks.

Postponing for 90 days to SMEs the payment of all debts with financial entities; Freezing for 90 days the financial interests of the arrears that companies have and generating lines of credit of zero interest and automatic granting for companies or businesses that must close by forced quarantine, were the three points referring to the relaxation of financial obligations that CAME proposed.

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1 Comment

  1. bankfinancy


    May 1, 2020 at 7:23 pm

    Leave your comment about personal loans. Thank you

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