(03-28-2020, 06:56 PM)JaG4LyFe Wrote:

(03-28-2020, 06:47 PM)EricC85 Wrote: Local credit union VyStar extended all their loans until July I had no idea buddy of mine called up and said check you auto loan sure enough no payment until June.

Doesn't matter. These businesses rely on the interest as a part of their bottom line. Anyway you slice it, someone is going to have to pay for it. I just don't see how the government will be able to step in and save anyone. Simply put, whoever can't weather the storm will need to fail and that trickle down effect will be catastrophic

It matters a great deal.  It allows the individual to redirect funds to necessary living expenses during a time of reduced/no income.  The principal balance doesn't change and the term of the note is extended a couple months.  Deferrals are not an uncommon occurrence in the financial industry.  The Fed also just dropped the discount rate to 0.25, so the cost of the money is almost nothing.  The banks will survive.

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