LINCOLN – With a decreased income and bills continuing to arrive, displaced millworkers and their families may be able to find some financial relief by discussing their situation with their lenders or financial institutions.

A number of Lincoln area banks contacted Friday said options are available to extend payment periods and give customers some extra time to pay their bills. The first step to using the available options is sitting down and talking with the lender, according to Lynn Sanderson, manager of the local KeyBank.

“So many people have worked for 30 or 40 years and have never been in a position like this where they didn’t have the money to make a payment,” Sanderson said. “If people aren’t sure what they can do, definitely the first thing they want to do is speak with their lender.”

With home mortgages often making up the largest percentage of the monthly bills, one option available from a number of banks is switching to paying only the monthly interest on the loan for some period of time, Sanderson said. In some cases, converting to an interest-only payment has reduced mortgage payments by as much as 75 percent for some of the bank’s customers, Sanderson said.

“The priority right now is just to keep your good credit standing and keep your home,” Sanderson said.

A number of banks also have the ability to extend the payment of automobile or personal loans and to develop more flexible repayment plans. This method likely will add a month or two to the duration of the loan, but it can mean some immediate financial relief. Banks also may be able to bring resources to the table that customers didn’t know existed, according to John Moore, community development officer and senior vice president for Bangor Savings Bank.

Those services apply not only to individuals but also to business owners who may be experiencing changes in business as a result of the mill closing, Moore said.

“If a small business comes to us sooner rather than later, we can provide tools and resources to help them deal with interruptions in cash flow, and help them restructure their fixed costs,” Moore said.

Whether it’s personal or business finances, the key to using these options is to not delay in talking with financial officials, Moore said.

“By not talking to us, something could happen that could affect their ability to get credit in the future,” Moore said.