Fact Check: Canceling credit card interest

Nikki Rudd
Updated: April 22, 2021 06:10 AM
Created: April 22, 2021 05:18 AM

ROCHESTER, N.Y. (WHEC)—  Most of you have received your stimulus checks by now, but what about other benefits in the COVID relief bill? 

Have you heard about a rule for credit card companies stating they can't charge interest until 2022? Could that be true? News10NBC's Nikki Rudd did a fact check. 

You can actually read the American Rescue Plan online for yourself.

News10NBC went through it, and there's nothing in there about credit card companies not charging interest. 
If you heard about this, you may have gotten the idea from stories like this one from Forbes last May. Two law professors proposed $10,000 in credit card interest relief for consumers. 

That could help a lot of people, but it's not in the COVID relief bill. 

So how can you get some help if you're drowning in credit card debt? Most banks and credit cards have assistance programs, but you have to contact them for help.  

Some examples of relief offered include deferred or delayed payments and waiving fees or penalty interest rates.
Here are some links to credit card assistance programs: 

American Express

Bank of America

Capitol One

Chase

Citi

Discover

———————————————————————————

See other Fact Checks here


Copyright 2021 - WHEC-TV, LLC A Hubbard Broadcasting Company