Got Laid Off – How Should I Handle Credit Card Payments?
I just got laid off last week. I use my credit card to pay for almost everything. But I pay them off every month. I do have a few months of savings in case of a layoff situation like this happenning to me. Should I still pay off my credit card every month or should I pay the minimum until I find a full time job again? Your thoughts? Thanks.
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2 Responses to Got Laid Off – How Should I Handle Credit Card Payments?
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When the new recent credit card laws went into effect, banks changed when they send out statements. They now give you a lot longer to pay. The reasoning was to “help the economy”. What a crock! sure, it gives you more time, but it was a horribly sneaking way to add more interest. Here’s what I do. I pay at least the mininum as soon as I get the statement. Don’t wait until your due date. Do it as soon as you get the bill. That’s way there’s less principal on the account for the next interest calculation. If you can afford to pay a little extra, then do it, but don’t cut yourself short during a layoff. Paying at least the minimum as soon as you get the bill is better than nothing.
Hope you find a new job soon. In the meantime, click here to do a job search. There are over 1/2 million jobs available from top companies all across the US. Just enter the type of job you’re interested in and your zip code to see if they have something in your area.
Contact the issuer. Some have special insurance for cases such as yours.