Guerilla Tactics for Financially Surviving a Layoff – Tips from Apprisen Financial Advocates

The average American family is only a paycheck or two away from financial distress. Having a get-it-done attitude is essential to surviving a layoff during these challenging times. Apprisen offers these layoff financial survival tips.

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The initial reaction to being laid off can bring feelings of fear, anger, disbelief and sadness. It is important to acknowledge those feeling, but move beyond them to take control of your finances.

Columbus, Ohio (Vocus) August 31, 2010

Apprisen Financial Advocates is a national nonprofit consumer credit counseling agency that provides personal financial counseling and financial education. Listen to the news or read your local paper and the financial news does not seem to be getting any better. The average American family is only a paycheck or two away from financial distress.

“The initial reaction to being laid off can bring feelings of fear, anger, disbelief and sadness,” says Michael S. Kappas, President and CEO of Apprisen Financial Advocates. “It is important to acknowledge those feeling, but move beyond them to take control of your finances. Having a get-it-done attitude is essential to surviving a layoff during these challenging times,” adds Mr. Kappas.

Apprisen offers these layoff financial survival tips:

Crunch the numbers:
Determine your current monthly net income. Identify how many pays are left at your current income and estimate your new income level after the layoff.

Make housing your priority:
There are many options available for financially strapped homeowners, including loan modifications and forbearance programs. Contact your mortgage company immediately. If you have difficulty working with your bank or are uncomfortable working with them, contact a HUD approved housing counseling agency. They will help find the right solution for your situation. The counseling is free.

Get lean:
Each month pay your basic needs first (utilities, food, medications, and transportation). If money remains, keep other creditor accounts current.

State the facts:
Make your creditors aware of your employment status. Ignoring them will only add stress and create more problems later. Communicating with them increases the likelihood they will work with you to explore options, such as special hardship programs. Only agree to payment arrangements that are realistic for your new situation.

Avoid the credit trap:
The temptation to use credit during a financially-tight time may seem like an easy answer but can lead to additional debt with long-term consequences.

Don’t go it alone:
Take advantage of community resources such as social service agencies and faith-based organizations and make them part of your employment transition team.

For additional financial information on surviving a lay off and money management and debt counseling, contact Apprisen at 800.355.2227.

Apprisen Financial Advocates, a national nonprofit credit counseling agency, has been helping consumers manage their finances and get out of debt since 1955. Certified counselors provide money management, debt counseling, HUD-approved housing counseling and financial education. Services are provided in-person in 10 states through local offices and nationally by phone or via the Internet. The oldest nonprofit credit counseling agency in the country, Apprisen Financial Advocates is known in its local communities as Consumer Credit Counseling Service (CCCS). Accredited by the Council on Accreditation (COA), Apprisen is a member of the National Foundation for Credit Counseling (NFCC), the Better Business Bureau (BBB), and AICCCA. For more information call 800.355.2227 or visit http://www.apprisen.com.

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