After a layoff, it can be more important than ever to be smart about money.
You can find help from these resources.
Money Smart, a training program available through the Federal Deposit Insurance Corporation, is designed to help families enhance their money skills and create positive banking relationships.
Making Smart Financial Choices after a Job Loss offers tips for managing the financial impact of a layoff, from the Financial Industry Regulatory Authority (FINRA) and the National Association for State Workforce Agencies (NASWA).
Money Matters, from the Federal Trade Commission, offers practical tips and advice for a variety of financial topics, including:
- Avoiding scams
- Managing your money
- Dealing with debt
- Using credit cards
You can also get free and low-cost credit counseling from the National Foundation for Credit Counseling.
Note: COVID-19/Coronavirus update
Loans and credit cards: Many lenders are offering payment assistance for a variety of loans and credit cards. They are offering refunds on fees, deferred payments, or other assistance, without impact on your credit bureau record.
To access this assistance, contact your lender or credit card company to request a forbearance plan based on financial hardship related to the Coronavirus. This would delay, rather than eliminate, your payments so be sure you understand the repayment plan agreement. Legislation stipulates that financial companies may not charge additional interest during this time.
Temporary student loan relief: All loan and interest payments for all federally owned student loans may be deferred through Sept. 30, without penalty to the borrower. Contact your lender to request this service.