Just when you think that you’re doing all right, something happens. You think that you can deal with your debt, maybe you’re already paying it down and improving your credit rating. Then the bottom falls out – the job that pays your debt pays your bills and pays your rent is gone. You don’t need a recession to experience job loss, and even if a business survives the last recession, there is no guarantee that it is going to survive the changing times. There is no such thing as a fail-proof business, just the same as there is no get rich quick scheme. It’s what you do after the rug is out from under you that determines how you’re going to land
First – The Don’ts
For a lot of people, their first reaction after losing a job is to panic. How are you going to meet your minimum payments? How are you even going to eat or pay your bills? Here are just a few of the things that you should not do after losing your job.
These three things will only land you deeper in debt and put you in danger of further defaults. In your panic, it’s very easy to miss the things that you absolutely should do and not think about the alternatives you do have.
The Do List
You might not have much of an emergency fund, but you will urgently need to create an emergency budget. You can carve rental by doing the following:
Being in debt after losing your job is not the end of the world. You can still get back on your feet, even if it will take a little longer and be a little harder. If you need to determine the best path for paying down your debt, call us for a free consultation in our Fort Lauderdale or West Palm Beach offices. We’re open seven days a week and waiting to help you out.
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