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Being laid off can be incredibly stressful, embarrassing, and even isolating. But if you’ve ever been through a layoff, you’re certainly not alone: As many as 40% of U.S. workers have been laid off at least once.
What do all these people have in common? After a layoff, many feel too paralyzed and overwhelmed to keep their finances on track. Some even respond by making impulsive and harmful decisions, like cashing out a 401(k).
It’s certainly understandable to make money missteps during such a time. After all, there’s a lot that needs to be taken care of, and it’s tough to do your best thinking under this kind of stress. However, it’s possible to keep your finances and credit intact between jobs.
If you’ve been laid…