Losing a job is often traumatic, but it doesn’t have to be a financial disaster. For a variety of reasons —job terminations, layoffs, downsizing, mergers or reengineering — spells of unemployment are realistic occurrences for many people. And most deal with a menacing loss of income, health insurance and other important benefits. You can take actions to make your transition more manageable though and less stressful for you and your family.
Mortgage trouble can be a sign of other concerns in your financial life, and it makes sense to review your entire financial portfolio. You may want to examine what you’re doing right and wrong with credit as a whole and take actions on how to circumvent immediate problems. Find tips and resources on how to avoid losing your home and financial considerations if you are foreclosing.
Managing credit is a challenge that cuts across all socioeconomic lines. No matter what level of income you earn, handling credit is a necessary skill. Anyone who has ever been denied credit understands how the lack of credit affects financial options. Like most Indians, you probably dream of someday owning your own home, buying a new car, or taking your family on vacation. But poor credit can be a roadblock to your ability to achieve these desires.
Sometimes life takes an unexpected turn for the worse. While it’s unsettling to think about losing a job, your home being devastated by a natural disaster or an illness affecting a loved one, the fact is that life is full of unknowns. Exploring your options before a crisis strikes will ease some stress. After all, you don’t want to make a mistake out of desperation. Learn more about how to manage and cope with your finances during life’s difficult times. With a little planning, you can minimize the impact of unexpected financial hardships.