Creditors may agree to ease loan terms when workers need the help to survive a jobless spell.
Sounds simple -- seek and ye may receive. And, lenders routinely encourage contact at the first sign of trouble. But credit experts warn: Have a plan before you plea.
The bill pile
Some workers are entering unemployment with savings, little or no debt, and a solid credit record. Others begin their layoff with less enviable positions on one or all three fronts.
Begin by plotting how long your resources will cover your basic living expenses -- mortgage or rent, food, transportation, food, utilities, insurance.
