No matter what happens, getting laid off changes everything. I was laid off before I started at State Street and the day after I got laid off from my old job, I called realtor to sell my house. At the time I was 51and had 8 years left on my mortgage.
It took me over a year to find the job I'm at now at State Street and I would not have been able to pay mortgage after my severance ran out. Unemployment is next to nothing when you are at VP level.
If you get laid off, just sell everything you have debt on, otherwise your life becomes a living hell.i downsized and bought a smaller home and paid off a smaller mortgage in two years. Now if I get laid off again, I won't have to move.
People on here are right, the debt is the really bad thing most people will have to deal be with if they get laid off. Money runs out fast and a year flies by when you are looking for work.