Coronavirus and your finances: We’ll help answer your questions

Illustration of binoculars representing coronavirus financial adviceImage: Illustration of binoculars representing coronavirus financial advice

In a Nutshell

The spread of COVID-19 is rapidly disrupting the lives of people all over the world — and has many Canadians asking what it could mean for them, their families, their finances and their futures. We’re here to answer your money questions and help you navigate the uncertain times ahead.
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If you have questions about the coronavirus and how the current situation might impact your finances, you’re not alone.

The spread of COVID-19 and its repercussions could affect a number of areas in people’s financial lives. We’ve broken down our advice and resources into a few key areas to help Canadians better deal with this crisis:

We’ll be updating this page as the situation develops, so check back regularly.

How to budget and save

4 financial tips to help you weather the coronavirus crisis When we come out on the other side of this outbreak — and we will — you’ll want your finances to be in the best possible place they can be. You can take action now by managing your cash flow, keeping an eye on your credit and knowing your options. Note: Credit Karma’s Canada team produced this article as a resource for members. It was not written by our editorial team. Our editors are including it here because we think it’s helpful.

How to handle late or missed payments

When should I pay my credit cards? We know you may be juggling a number of payments. As you evaluate which of those payments to prioritize, it’s important to understand how credit card interest works and what happens if you don’t pay off your full statement balance by the due date.

How late payments can affect your credit You may be wondering what happens to your credit when you’re late on a payment. In this article, we’ll explain how that works and what to do in that situation.

How do accounts in collection affect your credit If you can’t make your loan payments on time, your lender may take steps to recover its losses. The good news is that there are actions you can take if you’re having trouble making payments, including reaching out to your lender to ask about temporarily suspending your payments, extending the term of your loan or reducing your interest rate.

Additional credit education resources

What 5 main factors determine your credit scores? How are your credit scores decided? The main factors that affect your credit scores include your payment history, variety of credit types, credit utilization, length of credit history and credit inquiries.

Why did my credit scores drop? — There are many things that can lower your credit scores. Some things, like missing a payment, shouldn’t come as a shock, but others, like closing an account, may be surprising.

What’s the difference between a hard inquiry and a soft inquiry? — Before applying for or checking your credit, it’s important to find out whether it will be recorded as a hard inquiry or soft inquiry, as a hard inquiry could lower your credit scores.