5 Unexpected Things that Can Jeopardize Your Finances

Tuesday, May 24, 2016, 6:00 AM | Leave Comment

A lot is riding on your ability to consistently afford your current lifestyle. Unfortunately, it doesn’t take much to pull the rug out from under you and turn your easy-to-afford life into one filled with foreclosures, repossessions, past due notices, and collection calls.

There are things you can do to protect yourself from these unexpected events that threaten to sabotage your finances.

Let’s take a look at five surprising events, incidents and mistakes that can cost you big so you know what to avoid.

  1. A suspicion of DUI or other criminal activity

    You don’t have to be committed of a crime before paying the price, all you need is to fall under suspicion. Once you are suspected of having committed a crime, well before you go to trial, you could experience jail time, the forfeiture of personal possessions, a loss of your license, job loss and more.

    No one should have to face such tough and expensive consequences before they’ve even had a trial, which is why law firm such as Thomas, Webb & Willis in Atlanta are prepared to help.

  2. Interest-only loans

    Interest-only loans seem like a good idea upfront. Generally, they allow you to pay only interest on the loan for a number of years without making any payments toward the principal.

    These types of loans can devastate your finances in two ways.

    First, you may not be in the position to afford full payments once the interest-only term runs out.

    Second, these loans end up far more expensive since they allow and encourage you to keep your principal high during the early years.

  3. A sudden illness or accident

    A sudden illness or accident can keep you out of work for an extended period, resulting in missed paychecks. It can also require you to pay for unexpected medical bills, special care, and prescriptions.

  4. Identity theft

    Identity theft can hurt your credit which can impact your current and future employment opportunities. It can also be costly and time consuming to resolve.

  5. The illness of a loved one

    When a loved one becomes ill and requires care, you may have to take added time off of work and contribute toward the cost of their added care.

Unexpected expenses are a way of life. Still, you can prepare for them by having savings, the right insurance policies, by protecting your personal information and, when necessary, by consulting with a team of expert lawyers.

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