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8 Steps to Help You Survive Being Laid Off

By Jean Chatzky

4. Protect Your Credit

Sure, unemployment is helpful, but it's no match for the salary you're used to, which means your debts may very well overwhelm you—and fast.

When it comes to debt, it's important to be proactive, meaning you should contact your creditors as soon as you realize you're going to come up short and let them know the situation. If the customer service representative can't help you, ask for a supervisor. Trust me, in this economy, they've heard it before. That doesn't mean they'll forgive the debt, but they may work with you to negotiate a lower payment or, in extreme cases of credit card debt, settle for an amount less than the total amount due.

Bottom line: If you wait for the letters to come, or the phone to start ringing, it may be too late.


Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc. and its affiliated companies and entities is not responsible for any losses, damages or claims that may result from your financial or legal decisions.