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Are you worried about debt management due to losing your job? It can be devastating to lose your job in an economy that is so volatile. Many factors could keep you worrying and awake at night. Here are some tips that could help you get through things more easily.
Pacing Yourself
If you’ve received a severance package, do your very best to make it last as long as you can. While it’s tempting to have a bit of fun after all the stress you’ve been through, your best bet is to spend even less than you would if you were still working. Because your expenses might be a bit lower right now with reduced work-related expenses, do your best to live “lean”.
Your Bills
Pay your bills on time. The best way to manage your debts is to keep your creditors happy. Let them know your situation and some may be willing to reduce your payments, stop your interest, or spread payments out over a longer period of time so that you can have slightly reduced payments. You might also consider consolidating a few bills now so you can have a single payment to make instead of several as well as allowing you to reduce interest payments. Be careful not to run up balances on those newly paid off bills, though. Avoid overspending and get rid of store cards with high interest rates.
Insurance Policies
Take advantage of any insurance options. Some people sign up for special insurance policies that make their minimum payments on their credit cards or cover their mortgage or car payment. Look at all your expenses to see if this is an option to bring any of your bills down.
Cash Budgets
Live on cash only. Part of living lean equates to lowering what you spend needlessly and interest payments are one thing you do not need right now. Do save your credit card balances for emergencies and live on cash as much as possible. That’ll save you extra bills and help you keep your spending in check.
What if I’m already in debt management trouble?
Sometimes people don’t get a severance package and aren’t eligible for unemployment benefits. Sometimes you’re already in over your head and the sudden loss of income makes it really frightening. There are things you can do to get some help.
There is help for debt management problems in the way of formal and informal arrangements with your creditors. It’s difficult enough being under stress from losing your job but when creditor calls and unpaid bills suddenly take over your life, it can make things even worse. Don’t hesitate to look for help with your debts. There are debt management options that can ease your stress and this difficult time in your life.
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