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Spotlight   | Spring 2008

Survival tips for sudden income loss

Many Hoosiers are finding that they are among the casualties in the record number of mortgage foreclosures in the United States. In the last year, foreclosures in Indiana have ranked the state among the 10 worst in the nation.

Residents often experience foreclosure as a direct result of sudden, substantial income drop, usually because of the loss of a job or spousal income. "In Indiana, we're seeing a lot of factories that are closing or moving overseas," says Elizabeth Kiss, Purdue Extension family resource specialist. "Other frequent causes of income loss include divorce, illness or even natural disasters."

Because the rate of sudden income loss is on the rise, Purdue Extension has published a series of fact sheets, titled When Your Income Drops. "This informative series gives people the tools to evaluate their situations and to find direction when facing sudden financial crises," Kiss says.

The When Your Income Drops series covers such topics as stress control, community resources, how to set spending priorities and sharpening survival skills. See them online at http://www.extension.purdue.edu/extmedia/CFS/CFS-704-1-W.pdf.

 

 

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