Loss of Income

It is something that we all dread: losing the income with which we maintain our lives.  In this troubled economy, layoffs are all too common, but cutbacks or wage reductions can also be traumatic and difficult to handle.  There are also situations where injury, illness or even death of a spouse reduces the income coming into your household.  The loss of income is a traumatic event for any household.  Sadly, when the demands of your expenses, which never seem to go down, slam against your new, lower income levels, it doesn’t take an economist to realize that a deep problem is brewing.  Bills go unpaid, the mortgage may start to slip, you may miss some car payments, and you start to go without the things you used to love.  From there, left unaddressed, the problem will not go away, but has the potential to snowball into a stressful and overwhelming crisis. 

But realize that you are never without options.  There are credit counseling agencies available that are able to discuss financial options with you (often for free) and offer a wealth of information in terms of balancing a budget under duress or seeking other forms of income (such as disability or unemployment) if you are eligible.  But sometimes even this is not enough.  For example, if you have a mortgage of $3000 and your monthly income is now down to $2000, there is no amount of budget balancing that you can do to rectify your situation.  You should make an appointment for a free consultation with Simon Haysom to discuss a workable strategy to get yourself back to solvency.