Washington, DC (PRWEB) March 04, 2013
Sequestration is now in place, and along with it came a good amount of uncertainty, causing many Americans to wonder how they will be impacted. By some estimates, more than one million employees of federal agencies may receive furlough notices.
Some workers are not adequately prepared to deal with a loss of income, even a short-term one. For those living from paycheck to paycheck or without significant savings, any income interruption is likely to put them over the financial edge.
For example, consider the statistics below from the National Foundation for Credit Counseling (NFCC) Financial Literacy Survey:
“Even if a person does not anticipate being impacted by sequestration, now is a good time for a comprehensive financial review,” said Gail Cunningham, spokesperson for the NFCC. “Whether due to an unplanned expense or a job loss, no one has ever regretted being financially prepared, and preparation starts with understanding where you stand today.”
The NFCC advises consumers to take the following steps to put themselves in a better financial position, regardless of what the coming months may hold:
o Review your credit report and score, both necessary to fully understand the current financial situation, and provide a framework for next steps.
o Create a cash-flow calendar listing all sources of income. Next, plug in the dates all bills are due. This will ensure that bills are paid on time and protect the credit report and score from future damage.
o Commit to paying down debt, and if necessary, suspend all charging, consistently moving toward solid financial ground.
o Reach out to a legitimate credit counseling agency for help creating a survival plan.
“If there is a quick resolution to the sequestration, nothing has been lost by implementing the above steps,” continued Cunningham. “If not, consumers will be better prepared to face whatever comes their way financially.”
To locate the NFCC Member Agency closest to you, dial (800) 388-2227, or go online to http://www.DebtAdvice.org. For help in Spanish call (800) 682-9832.
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit credit counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services. NFCC Members annually help more than three million consumers through close to 750 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit http://www.nfcc.org. Visit us on Facebook: http://www.facebook.com/NFCCDebtAdvice, on Twitter: twitter.com/NFCCDebtAdvice, on YouTube: http://www.YouTube.com/NFCC09 and our blog: http://financialeducation.nfcc.org/.