Tips on prioritizing your finances during a job loss

Experts: Work with creditors to seek out hardship plans
Published: Feb. 23, 2023 at 2:40 PM CST
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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.