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Financial Management During Job Loss

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Financial Management During Job Loss

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    1. Financial Management During Job Loss

    5.

    6. Part One

    12. Assets Listing your assets will let you know exactly what resources you have to survive this transition. The effective use of existing assets helps the family face financial emergencies. Ideally, you will not have to dip into your retirement savings or sell your car during this time; however, it is good to know what assets you have to fall back on.

    16. Creditor Matrix

    17. Ask The Right Questions If there is not enough money to make ends meet: Is the income sufficient to service at least the basic living expenses of the household? If not, how much additional income will be needed to meet those needs? How long can the family continue at the current level of spending? What adjustments can be made to extend available funds?

    18. Part Two

    20. Making Wise Purchasing Decisions

    21. Possible Housing Adjustments

    22. Be Prepared To Make Changes And Adjustments In Lifestyle.

    23. Be Prepared To Make Changes And Adjustments In Lifestyle.

    24. Helpful Hints

    25. Helpful Hints

    30. PAYDAY CALENDAR

    31. Part Three

    32. The Credit Card Temptation~~~!!!! The temptation to live on credit cards during difficult times. You may find it necessary to contact your creditors to arrange lower payments. Never refuse to talk to your creditors. Explain your circumstances. Get any agreement in writing. Keep your creditors informed of your situation.

    33. The Credit Card Temptation~~~!!!! Things to negotiate with your creditors: Forbearance agreement on your mortgage—(An adjustment in your payments arrangements for a specified length of time.) Moratorium on your credit card accounts—(reduced or suspended payments for a specified length of time.) Interest only payments—(pay only the interest on loans for a specified length of time until you resume normal payments.)

    34. Sample Credit Account Statement

    35. THE BIG THREE CREDIT REPOSITORIES

    36. THE CREDIT REPORTING PROCESS

    38. Fair And Accurate Credit Transactions Act of 2003 (FACT Act) The Fair And Accurate Credit Transactions Act of 2003 amends the Fair Credit Reporting Act (FCRA). The FCRA regulates credit bureaus. Facilitates the fight against credit fraud and identity theft. The free reports became available in Texas in June, 2005.

    39. HOW LONG IS THE INFORMATION RETAINED ON THE CREDIT REPORT

    40. The driving force in loan approval is your credit score. Credit scoring formalized and computerized the decision making process and, upon the surface of it, levels the playing field for all borrowers. The process for credit scoring is a mathematical one based upon values placed on predetermined criteria.

    42. Questions Collect the question cards and do the drawing/raffle while taking questions.Collect the question cards and do the drawing/raffle while taking questions.

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