Bowling Green Lender: Monitor Your Credit Score During These Troubled Financial Times
The pandemic and resulting economic fallout are forcing many consumers to turn to credit cards to stay afloat. And while a credit card can be a lifeline in troubled times, financial experts warn high interest rates along with the inability to make monthly payments can lead to a credit catastrophe.
Monica Wardlow, a retail lender with German American Bank in Bowling Green, said now more than ever consumers need to monitor their credit and
communicate with their creditors.
"First of all, a lot of credit companies are working with consumers, so you need to contact them if you are at the point where you are going to be behind or you can’t make those payments on there," Wardlow said. "You need to contact them because they have different assistance programs to help you during these times.”
Wardlow added that working with creditors can help salvage your credit score. She also encourages consumers to request their free annual credit report to identify any irregularities.