I have been through layoffs and it sucks. There’s no other way to describe it, but there are things that can be done to make it a little easier. Please accept my condolences on your loss. You have now entered a survival situation and must reorganize your priorities.
It happens to everyone, at least once in their adult life. Something happens, and your finances end up out of control. This could be something as major as the death of an income earner or divorce, or as minor as just being a day or two late on a credit card or utility payment. T
he end result is usually a lot of harassing phone calls, mounting debt, and a loss of hope. The aim of this hub is to help get you on the road to retiring your debt.
This is not a sales pitch, or a recommendation of any company or program. This is an adaptation of my story, made generic for everyone’s benefit.
We had simply been a few days late on a single payment on one of the credit cards, and the next month we discovered that the interest rate had shifted to the default rate on all of our cards. In some cases this was over 30%.
This is known as ‘universal default’. This, coupled with the new law doubling of the minimum payment (so you can pay it off faster) sent the monthly minimums through the roof. We could not afford to pay the cards and feed our kids, so we fed the kids and let the card payments slide.