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Technically, it isn't possible to borrow money from an individual retirement account, or IRA, in the same way you might from a 401(k) or another type of employer-sponsored account.

Having a negative balance on your credit card simply means that your credit card issuer owes you money.

When you stop making payments toward your debt -- whether it's a credit card, student loan, car note, mortgage or even a medical bill -- you’re at risk for that debt heading straight to collections. This means that debtor is taking your nonpayment more seriously and resorting to other, more binding tactics to get its money.

In March, the Fed issued emergency rate cuts on loans. The spread of COVID-19 and subsequent restrictions at the federal, state, and local level, have taken their toll on the economy. With more people seeking unemployment and businesses losing money, the Federal Reserve wanted to encourage spending.

In an effort to bring aid to those struggling during the coronavirus crisis, President Trump has taken significant measures to ease the burden of student loan payments on borrowers. On March 13, he announced the interest on student loans would be waived “until further notice” and on March 20 he took things a step further by suspending student loan payments until September 30, 2020.