Making the Decision to Quit Your Job
Making the decision to quit your job is one you need to do carefully because there should be a backup plan in place. If you will not make a higher salary income, what are you going to do if you are unable to make your bills any particular month? How will you make ends meet and continue to move forward with your other obligations at the same time? As long as you are going to do this, then you should be aware of what the worst case scenario will look like at any one point. Only then can you make an educated choice on what you should do at that time.
Managing Regular Credit Card Balances
Of course, when you have regular bills like credit cards, they are not usually going to be very patient when you start missing payment dates. For this reason, if you foresee a problem, you should contact them as soon as possible. By giving them time to work with you, you may be able to lower your monthly payment or just not create any new balances during this time period. Then, they will see that you're being responsible with your account and making sure they get their money at the same time.
When you start on this process, you'll also have to find out what the status or your mortgage or rent will be as well. Then, you'll know what date each of these bills has to be paid by and what kind of grace period might be available. Clarifying what this is from the beginning will ensure that quitting your job doesn't put your family into a financial tailspin. While this might be main goal at the time, you also need to time it correctly so you're not causing more unnecessary trouble for yourself.
Working with Your Spouse's Income
Of course, if you are also planning this for when your spouse will be able to maintain their regular work schedule, then it will work out much better. If you are both working together, you'll still be able to accomplish your objectives, even if you have unemployment coming in at a lesser amount. By working with whatever numbers are there, you can also revise your current budget to avoid any unnecessary expenditures. This is not the time when you want to continue eating out or buying things that could wait. If you do end up falling behind on your credit card bills, then this will not work in your favor.
Any payment arrangements that need are worked out need to be followed through with carefully. Otherwise, if you propose one at a later time, they will be less likely to agree to it. However, if you can maintain the integrity of your agreement, then you will keep your good credit score with them and won't have to worry about anything being reported to the credit bureaus. Once this is done, it can take a long time to recover and this could cause you to be denied on future credit applications.
Certainly, if you want to buy a house or property in the future, you will wish your credit score was higher. Keep that in mind when you are considering putting off a payment or a bill you have already agreed to pay off. Someone who is making the decision to quit your job should count in all of these parts to the choice so there is less confusion later on. It will also help you show your family how to be responsible with various credit card bills and usage in general.
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State Guides to Credit Card Laws
- North Carolina
- West Virginia