Yogi Berra famously quipped, “If you come to a fork in the road, take it.”

Individuals across the country are facing their own difficult decisions, which are being exacerbated by the coronavirus pandemic: how to handle inquiries from debt collectors about unpaid bills.

While many types of loans have been put into forbearance plans for now, there are still a lot of debts that are being collected. Healthcare providers need to collect on unpaid bills to help pay staff and keep their lights on. Credit card lenders need to collect on unpaid bills so they can have more money to lend. Utility and telecom companies need to collect so they pay their employees and continue to provide the best service possible. In fact, those forbearance plans may provide individuals with a little bit of extra cash to pay down some of those nagging bills that they have not been able to find the money for before the pandemic struck.

Many individuals are checking their credit reports and trying to take care of old debts as a means of improving their credit scores before refinancing their mortgages. The volume of mortgage refinancings is at a 17-year high and homeowners nationwide are trying their best to lock in the lowest interest rate possible by improving their credit scores. Taking care of old debts is a great way for individuals to improve their credit score and take advantage of generationally low interest rates.

The circumstances of the pandemic have also created a situation where collection agencies might have more of a license to negotiate lower settlements and payment plans on unpaid debts. Individuals who reach out to a collection agency may find this is a great time to work out an arrangement that makes sense for both parties — the creditor and the consumer.

If there is a silver lining in the coronavirus pandemic, it is the financial opportunities it is presenting many individuals across the country. But it is up to them to take advantage of that opportunity, should it present itself to them. Contact the collection agency handling your debt today and work out a deal. You will be glad you did.