"Good Morning America's" financial contributor Mellody Hobson makes sure you know what you need to know to keep your money safe.
(ABC News)
You want to make sure everything on there is correct, from former addresses to current bills. This is necessary for everyone.
Get on the phone now! Call your mortgage lender, call your bank, call your credit card company. No one wants you to default. If you fear you're falling behind, call them to try to work out a deal.
For credit card companies, see if you can get a lower percentage rate. Both your mortgage lender and credit card companies are going to be more willing to work with you now than they will be later.
Now is not a good time to sit on the sidelines when it comes to saving for retirement. As I have said time and time again, it is absolutely impossible to time the market. There have been a number of studies that have shown that the drawbacks from missing just a handful of the best days of the market far outweigh the benefits of missing the worst days.
Again, one of my favorite sayings is that bull markets always follow bears. You do not want to miss it on this rebound!
First, pay what you can't live without. That's your mortgage or rent and utilities. Then you need to prioritize the other bills. Start with whichever ones have the highest interest rates and then go from there. Even paying a little on time is better than being late.
Mellody Hobson, president of Ariel Investments in Chicago, is "Good Morning America's" personal finance expert. Click here to visit her Web site, www.arielinvestments.com. Matthew Yale contributed to this report.
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