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Surviving the Slow Economy
Tips for Navigating Turbulent Financial Times By Teri Brown
"Stop charging and overextending yourself," Cavazos says. "You will not get out of this problem by attempting to get more credit. If you know that the income interruption is only temporary, then a small loan to tide you over may be appropriate."
If you are falling behind on your bills, the most important thing you can do is to communicate with creditors. Let creditors know your situation. They may have programs to help you through the period of unemployment.
"Try to realistically determine how long your income will be reduced," Cavazos says. "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."
Ferlazzo also had to dramatically reduce her household's expenditures. "I canceled the housekeeper and gardener first thing," she says. "Then when it became clear things were not quickly picking up, I pulled the girls out of their after-school daycare. I canceled any optional expenses and cut back as much as I could on services like NetFlix, phone features like caller ID and my cell phone plan."
Cavazosagrees. "Trimming luxuries such as cable TV, cell phones and dinners out can help make ends meet during this turbulent time," he says.
"I cut the food bill down drastically by careful shopping, and we never eat out," says Ferlazzo. "We shop for clothing at thrift stores and clearance racks about 90 percent of the time and buy fewer clothing items for sure. We use the library rather than the bookstore and video stores and look for free entertainment where possible."