As many Americans continue to struggle with the recent increased costs of living expenses such as insurance, gas, housing, insurance and more as well as possible furloughs or layoffs, assessing your financial situation, making decisions about your budget and prioritizing bills is an important first step. The Consumer Financial Protection Bureau has created several tools that may help.

When you can’t pay all your bills on time, this tool can help you prioritize which bills to pay first and helps you think through the impact of your choices.

You can also visit additional tips on ways to decrease spending and save money.

There are a variety of options, and all have pros and cons. Each individual situation is unique and supports, services and programs are subject to change rapidly. However, there are general rules to follow. Continue to check for federal, state and local options, including those in your community, as well for financial relief during these difficult times.

Generally, a retirement plan can distribute benefits only when certain events occur. Your summary plan description should clearly state when a distribution can be made. The plan document and summary description must also state whether the plan allows hardship distributions, early withdrawals or loans from your plan account.

Debt is any money you owe. Before you can make a plan for paying your debt, you first have to know who you owe money to and how much you owe. Use the CFPB’s debt log to list all your debts so that you can develop a debt action plan to pay down your debts and where to focus first.

The Consumer Financial Protection Bureau (CFPB) has prepared guidance regarding credit rights and responsibilities regarding credit card debt. These resources offer valuable guidance on effectively managing credit card debt and working towards achieving financial stability.

Learn more about options to help you with credit card debt.

The National Foundation for Credit Counseling® (NFCC) is one of the largest and longest serving nonprofit financial counseling organizations in the U.S. Their programs and services are accessed through their national network of nonprofit member agencies. Each agency is staffed by NFCC Certified Financial Counselors. NFCC Certified Financial Counselors are trained to provide credit counseling sessions to address serious repayment issues involving credit card debt, home-related debt and student loans. Working with a nonprofit NFCC member agency, they may help you determine if you might be eligible for a Debt Management Plan to provide affordable payment terms and, in some cases, an extended payment timeline.

Professional certified financial counselors and coaches are available through the Association for Financial Counseling & Planning Education® (AFCPE) to help you manage financial challenges you might be facing. These financial professionals are available nationwide to offer you trustworthy virtual financial counseling or coaching sessions. AFCPE counselors and coaches can help with determining which bills to pay first and which payments can be deferred without getting penalized, as well as building a plan to help you pay off your debt and creating strategies to avoid debt in the future.

Home equity loans have lower interest rates than many other loans, which makes them a viable option for homeowners. A home equity loan can be a good option for consolidating debt, but borrowers may need to assess if they have a healthy amount of equity in their home as well as good credit scores to qualify for these loans.

A Home Equity Line of Credit (HELOC) is a flexible financial tool that allows homeowners to borrow against the equity in their home. It operates similarly to a credit card, where borrowers can access funds as needed, up to a pre-determined credit limit, and repay the borrowed amount with interest over time.

With either option you need to assess the associated costs and fees and shop around to compare options before signing any paperwork.

The Consumer Financial Protection Bureau (CFPB) provides information for those who may be considering refinancing their mortgage or taking out a home equity loan to deal with increased expenses, a loss of income or for any other reason. While using home equity may be a good option for some consumers, it may put others at increased financial risk down the road. If your finances don’t recover as quickly as expected, or your home loses value and you have difficulty paying your loan, you could lose your home to foreclosure.

If you are being treated for chronic, high risk, catastrophic or terminal illness, you can get case management services at no cost through Tricare eligibility. Case managers can help you figure out complex health care and support system issues.

There are a few options to assist with reducing your internet and telephone charges.

Lifeline is a federal program to help make communications services more affordable for eligible consumers. This benefit provides eligible consumers with a monthly discount of up to $9.25. Consumers living on Tribal lands are eligible for an enhanced discount of up to $34.25 per month.

You can only use Lifeline for either phone or internet, but not both, the Federal Communications Commission (FCC) rules prohibit more than one Lifeline service per household. You may be eligible to get Lifeline based on your income or participation in a government assistance program.

There are additional programs through government and service providers to help make service more affordable, as well as resources and tips for improving at-home connectivity.

Visit our Student Loans page to learn important information about paying your student loans or qualifying for a student loan discharge.

Using online and mobile banking, allows you to access your bank account and pay bills online providing you with seamless access to your finances. With online banking, you can manage your accounts through a web browser on your computer or laptop.  Similarly, mobile banking offers the same convenience through a dedicated app on your smartphone or tablet. Together these platforms empower you to check your account balances, review transaction history, transfer money, deposit checksand even pay bills without having to visit a physical branch.

Many banks offer ways to open bank accounts remotely – online or through a mobile app – without going to a bank branch. FDIC created a short video that shows you how to open an account online. The FDIC BankFind tool helps you locate FDIC-insured banks in your area. Some banks and credit unions are part of a coalition known as “Bank On.” These banks have low-fee affordable banking options.