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When Income Decreases, but the Bills Don't
Tips for Dealing with Unexpected Financial Crisis
Determine 1) the amount of take-home income you can realistically count on, 2) your set monthly payments such as housing, vehicles and insurance and 3) your current variable expenses such as costs for food, utilities and gasoline. Don't forget to consider periodic expenses such as auto registration, insurance or school tuition.
Try to realistically determine how long your income will be reduced. Create a plan for repaying your debt to each creditor by determining a reasonable amount to pay each month. It is best to contact your creditors before they have to contact you. Mail a letter to each of the creditors explaining your situation and how you plan to repay your debt. Remember that not all of your debts equally impact your family, so contact the higher priority creditors first.
Many organizations such as the United Way and MMI offer products and services that can help families control the chaos of a layoff.
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