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Control debt after job loss

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By STACIE SCHAIBLE

sschaible@wfla.com

Published: April 18, 2009

Losing your job is emotionally and financially draining. Figuring out how to keep your head above water until you find a new one is overwhelming.

Here are some tips on coping with debt and finding a new job:

•Stay positive and focus on your skills and what you have to offer, says Erin Glover of Tampa Bay Workforce Alliance. Get your resume up to date. The alliance can help.

•Take a financial inventory, Glover says. Assess your income and see what you really can survive on realistically.

•The Web site credit.com recommends paying your living expenses, like mortgage or rent first; secured loans, like a car loan, second; and unsecured debt, including credit cards, last.

•Don't ignore bills, financial experts say. Explain your situation and try to work out payment arrangements so you don't default.

•Resist the urge to tap into your 401(k), experts say. Not only will it slow the growth of your retirement fund, but there can be tax consequences.

If you're among the 90 percent of the work force still employed, all this underscores the need for an emergency fund.

Reporter Stacie Schaible can be reached at (813) 225-2739.

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