How to Rework Your Debt Plan After a Major Life Change
Life is unpredictable, and major changes—such as job loss, marriage, divorce, having a child, or a significant medical expense—can dramatically impact your financial situation. When such life events occur, your current debt repayment strategy may no longer be sustainable. Adjusting your debt plan is crucial to maintaining financial stability while adapting to your new circumstances. In this guide, we’ll explore how to reassess and rework your debt plan after a major life change. Whether you're facing a financial setback or an increase in expenses, these actionable steps will help you stay on track. Step 1: Assess Your New Financial Situation Before making any adjustments, you need to take stock of your current financial reality. Evaluate Your Income and Expenses If you’ve lost a job or experienced a salary cut, calculate your new income. If you’ve gained a new expense, such as childcare or medical bills, add those to your budget. Identify areas where you can reduce spending...
