CEO On Living Inside A Government Shutdown
Theresa Mann, President and CEO Discusses Value of Support Systems
January 22 – A dear friend of mine is a professional working for the federal government. She has a good savings balance and is relatively prepared to be without income for a month. Why then, she asks me, does she feel so much anxiety? She knows that she is luckier than most, she says, but she does not understand why she feels so scared.
Another friend says he is “doing ok” when I ask, and then admits that really, it’s horrible sitting around waiting for something to change. And now, it is not enough that he will eventually get paid, because he is out of money. He is embarrassed that he needs to ask for some help and is not sure where to turn.
And let’s not forget about the thousands of government contractors in the Washington Metro Area who are not getting paid and may never get paid for this time they are out of work. Many of these folks are part of a double income household and simply cannot contribute their share. Others may also be facing issues with maintaining their benefits or with potential layoffs.
Sadly, everyone who is experiencing this pain is each facing serious consequences such as a declining credit score for late payments, expensive late fees and penalties. There are questions and doubts regarding life essentials like buying food for your family, making college or private school payments, funding the vacation planned for spring break, making payments for credit card debt for those holiday gifts you just bought, and just about any plans you may have.
We Are Here to Help
If you or someone you know is facing life inside a government shutdown, we want you to know that we are in this with you. We feel your pain and want to help. We encourage you to reach out to your financial institutions, your creditors, your mortgage company, your school, and see what programs they may have available to help you before the serious consequences hit.
At The Partnership, our programs are listed on our website and include options such as deferring loan payments, penalty free withdrawals from restricted accounts, and special loan programs to get you from paycheck to paycheck until you are actually paid. It pays to bank with an institution who knows you well enough to work with you during the tough times. So call us or email us. In fact,reach out to all of your support systems and ask how they can help.
Any day now this will change, you will be back to work and making your salary again. Let us help you get there in one piece.
Theresa B. Mann