Tips on prioritizing your finances during a job loss
Experts: Work with creditors to seek out hardship plans
InvestigateTV - Despite the US Department of Commerce (DOC) reporting the lowest unemployment rate in 54 years (3.4%), financial experts said having a plan in place can help you get through an unexpected layoff.
According to a 2019 Harris Poll, 40% of US workers have been laid off or fired at some point in their career.
“The roof over your head, whether you are a renter or a home buyer, is going to be most important in the event of a layoff,” said Jackie Boies with Money Management International.
Boies had tips for how to navigate an unemployment phase:
- Make contact with anyone to whom you owe money and let them know your situation
- Ask creditors if they have hardship plans available
- Research to see if your credit card has insurance to cover payments during your unemployment
- Ask your mortgage holder or landlord if they have relief plans available
- Remember to follow up on any plans discussed
If you still need help or are feeling overwhelmed, Boies said a credit counselor can provide a valuable, impartial perspective and help you make practical decisions.
The Federal Trade Commission (FTC) has advice on how to find and vet a credit counseling service.
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