Here's how to manage your debt payments if you've recently been laid off

If you've lost your job, managing your credit card bills, car payments and more can seem like a hopeless task. But the worst thing you can do is to give up and hope your creditors will forget about you. That road leads to all sorts of nasty financial consequences, including late fees, a lower credit score, and possible repossession of your property depending on your debts.

The good news is that even if you can't rely on a paycheck anymore, you can still take control of the situation and take steps to stymie your debt payments. Below, CNBC Select lays out some simple but powerful steps you can take to manage the most common forms of debt, even if you're temporarily out of a job. They're not always easy to accomplish — but they'll help things from getting worse.

Being laid off can be particularly upsetting if you were right in the middle of paying down your credit card debt. Because you'll likely be trying to reduce monthly costs and conserve your money for absolute necessities, it makes sense to consider only making the minimum monthly payment on your credit card for the time being.

Making the minimum monthly payment also ensures that you won't harm your credit score by missing a payment. Then once you regain a source of income, you can restart making more aggressive credit card payments again.

Of course, your credit card balance will continue to accrue interest and because you're only paying the minimum, it might feel like your balance is growing rather than shrinking. A balance transfer credit card with a 0% intro APR period can help you bypass some of those interest charges for a limited time.

The Wells Fargo Reflect® Card, for instance, offers a 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers; 18.24%, 24.74%, or 29.99% variable APR thereafter. Balance transfers made within 120 days from account opening qualify for the intro rate, BT fee of 5%, min $5.

Federal student loan borrowers won't have to make any payments from now through the end of August 2023. That's because federal student loan payments are still on pause due to the ongoing litigation over the program. If the legal matters around the program haven't been resolved and the program hasn't been implemented by June 30, 2023, payments are set to resume 60 days later.

Assuming the government restarts payments and you still don't have a job, you can contact your student loan servicer to be put on a repayment plan that works best for your circumstances. An income-driven repayment plan, for instance, requires you to make a monthly minimum payment tied to your earnings. You could potentially owe as little as $0 for months when you have no income, though this depends on other factors such as your individual plan and your family size. Alternatively, you may be able to request a personal forbearance period on your loan payments.

If you've borrowed student loans from a private lender, you likely have fewer options as private lenders typically offer less repayment assistance. If you've been laid off and want to save as much money as possible, you might consider making only the minimum monthly payment on your loans until you find new employment.

If you're still struggling to manage your private student loan payments after a layoff, it's best to contact your lender to discuss the possibility of a reduced monthly payment option.

Much like the approach for managing most other forms of debt mentioned here, contacting your lender is one of the best things you can do with your car loans after a layoff. You'll want to explain your situation and see if they can help you find a temporary payment solution. They may offer you a reduced monthly payment amount to make your payments more affordable for the time being.

Some lenders may even offer a deferment period option for a short amount of time, but you'll want to double-check to be sure. The full range of options will vary by lender, which is why it's important to communicate with yours ASAP.

The differences between how lenders may react to your lack of employment is a good reminder that it's important to find a lender and loan that's right for you. CNBC Select ranked Capital One Auto Finance as the best car loan lender that's a traditional bank, while myAutoloan was the best lender for quickly and easily comparing different rates.

Compared to other forms of debt, your mortgage will provide you with more options for making your payments after losing your job. Again, your first step should be to contact your lender so you know what applies to your specific situation.

If you have Mortgage Protection Insurance (MPI), take a look at your policy (not to be confused with Private Mortgage Insurance, or PMI). MPI is a form of life insurance for homeowners that helps beneficiaries make mortgage payments after the policyholder dies. However, some MPI policies also help you continue making home payments if you've lost your job. If you've purchased a policy, it could be a good idea to refer back to it to see if yours offers this feature.

Certain loan types also offer some payment protections in the event of a job loss. Loans through the FHA, USDA, Fannie Mae, Freddie Mac and Veterans Affairs usually offer forbearance or some form of loan modification that can reduce your monthly payments.

Lastly, you might also look to the Homeowners Assistance Fund (HAF) for help with making your payments. According to the U.S. Department of the Treasury, homeowners experiencing financial hardship after January 21, 2020 could qualify for funding to avoid home loan delinquencies and defaults or foreclosures.

The money from the HAF is administered at the state level, so the application process will be different depending on where you live. To learn more and find application instructions, visit the U.S. Department of the Treasury website.

If you've been laid off and still owe various debt payments, the best thing you can do is to contact your lenders to explain your situation. By doing this, your lender may be able to propose modifications that help you afford your payments or may grant you a temporary pause on payments.

Once you're clear on any paused or reduced payments, you can use your emergency fund or unemployment assistance to float your expenses while you look for a new job.

Of course, you can always reach out to a financial professional for personalized guidance on your situation. Just remember that the worst thing you can do in this situation is not to act at all.

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