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When your income suddenly decreases or disappears completely, the question quickly becomes what do you do about all those bills you're supposed to be paying?
For the first time, the average American in their 20s has less income than the average American in their retirement years. That's a problem.
You can call them Boomerang Kids. You can call it Failure to Launch Syndrome. Whatever you call it, the fact is this – young adults are coming back home more than ever before. The question for you is can you afford it?
Creating a plan and taking action is the best way to combat an unplanned unemployment. If you ever find yourself suddenly without a job, consider the following ten steps to be your unemployment recovery checklist.
The government shutdown is now in place, and along with it came a good amount of uncertainty, causing many Americans to wonder how they will survive financially.
By some estimates, hundreds of thousands of federal employees will work without pay until the shutdown ends, while others may be furloughed indefinitely.
Some workers are not adequately prepared to deal with a loss of income, even a short-term one.
For those living from paycheck to paycheck or without significant savings, any income interruption is likely to put them over the financial edge and negatively impact credit.
For example, consider the statistics below from the 2013 National Foundation for Credit Counseling (NFCC) Financial Literacy Survey:
“The government shutdown should be a wake-up call for everyone, as very few have absolute job security,” said Gail Cunningham, spokesperson for the NFCC. “Whether due to an unplanned expense or a job loss, no one has ever regretted being financially prepared, and preparation starts with understanding where you stand today.”
The NFCC and Money Management International (MMI) advise consumers to take the following steps to put themselves in a better financial position, regardless of what the coming months may hold:
“If there is a quick resolution to the shutdown, nothing has been lost by implementing the above steps,” continued Cunningham. “If not, consumers will be better prepared to face whatever comes their way financially.”
For help navigating the financial strains brought on by the government shutdown, visit SharpenToday.org where financial survival tools can be found.
A growing number of people are taking on part-time or freelance work to help ease growing expenses.
We understand that repaying debt can be difficult and would like to thank Michael for sharing his inspirational debt repayment story.
Do you have a success story to share? We'd love to hear it!
If a decrease in income makes it difficult to maintain debt payments, the best course of action is to communicate with each of your creditors explaining your situation and how you plan to repay your debt.
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