6 Tips on How to Survive a Sudden Loss of Income

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4. Talk to your creditors if you have debt

If you’re constantly asking yourself “What if I can’t pay my bills?”, you should definitely call your creditors to find out if they have any options to help you during this time. Financial institutions were urged to meet the needs of affected individuals and communities.

You should know that some creditors may be able to extend your due date, waive late fees or offer a different payment plan option. However, write down your needs before you call so you can clearly communicate them:

  • Call before your payment is due if possible
  • Be ready to explain why you are unable to pay, and how long you expect this to be the case
  • Determine what you can reasonably pay during this time of difficulty

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