5 Steps To Prevent Debt After Losing Your Job

Being made redundant or being laid off is a reality for far too many people in this unstable economy, with so many small businesses going bankrupt and so many large corporations moving their operations overseas, even the best workers who have stayed loyal and worked to their full potential are no longer safe. If you find yourself sitting in your boss’ office having that conversation on your last day at work, and you’re not lucky enough to have income protection insurance, here are five steps you need to think about immediately in order to keep yourself out of debt:

1. Speak to your family. Your family knows that these times are hard and that it’s not your fault you lost your job, so there’s no shame in telling them. This is the important first step because you all need to sit down together and take a look at your collective spending to see what areas you can immediately cut back on. Your family also needs to know that, at least for a while, things will have to change when it comes to finances.

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