Suffered a loss of income? Here's what to do
Don’t get a quick loan
One thing you definitely shouldn’t do is apply for a quick, short-term loan. These are handy when you have a random large expense to pay for and need an extra cash boost. But, when your income decreases, loans are the last place to turn to. Why? Because you might get some extra money to help you, but you’ll also have a loan to repay without your regular source of income. This could mean it takes longer to repay, leading to high-interest rates and serious debt.
So, if your income suddenly decreases, follow the advice laid out for you in this guide. It will help you cope with the situation and avoid debt as much as possible.