Because of the worldwide economic slump, being unemployed is a grim reality we all have to face. Statistics shows that the rise in unemployment is increasing each month. If you are faced with this very situation, there are some steps you can take in order to manage your personal credit cards, avoid high credit card fees and lessen the risk of being deeper in debt as you search for a new job.
Often time, cardholders defaults on their debt because they are unable to manage their finances well once they lose their job. To avoid suffering the same fate it is best to create a budget plan which will enable you to carry on paying balances on your credit cards without default. However, if you are left with no other options, consider the following tips:
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One: Generally, many people think they are about to be laid off, scramble to pay any balances they have on their personal credit cards. However, this might not be the best solution to your financial problems. In fact, it might even aggravate an already worsening situation. It is much better to create an emergency savings account and pool your money in it. This way, you are guaranteed to have additional financial resources once it is absolutely necessary.
Two: The best way to manage your finances is to put all your bills in order. Prioritize on all necessary bills like major household expenses. After your necessary bills, take care of your debts, including those from your cards, and only spend money on things that you need.
Three: If the terms you had with your card companies does not cut it anymore, do not hesitate to ask for help. Unfortunately, the tension between card companies and customers have suffered and even the most responsible ones saw their credit line decrease by as much as 50% and their credit card fees skyrocketing. You can start by calling the customer service of your card company and ask what steps are needed to be taken in order to get better terms, reasonable rates or even forbearance. On the other hand, if you are part of a credit union, then it is best to consolidate your payments into low-interest loans.
Four: While saving money and cutting back on your expenses anytime are great way to prepare yourself in case you do get laid off, do not call your card company to request for forbearance unless you are sure you are about to lose your job. Of course, you can call your card company anytime to negotiate for better terms on your cards.
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