Consumers Given Pink Slip Security

With the weak economy and new layoffs happening every day, consumers have been more reluctant to spend money on anything. But now more businesses are offering a safety net to cautious consumers.

Monday, July 6th 2009, 11:07 pm

By: News 9


By Dave Jordan, NEWS 9

OKLAHOMA CITY -- With the weak economy and new layoffs happening every day, consumers have been more reluctant to spend money on anything. But now more businesses are offering a safety net to cautious consumers.

It started with carmakers offering to cover a consumer's payments if they are laid off. Now all kinds of businesses are reaching out with a similar pink slip protection program.

"Companies are reaching out to consumers and saying, 'we can help you. We understand your concerns.' it's basically become a cascade," said Michael Silverstein, a business consultant with Boston Consulting Group.

Jetblue is also doing what it can to get you to take off in these troubled times.

"If you book air travel with Jetblue or one of our Jetblue getaway vacation packages and you lose your job, we'll refund your money," said Noreen Courtney, Jetblue.

But Silverstein said, like always, you should still be a savvy shopper.

"There is a buyer beware. You really do have to read the fine print. You do have to understand what the terms and conditions are," Silverstein said.

He said most deals have deadlines and specific requirements, and you'll have to provide proof of your layoff.

Overall, he said the trend is aimed at helping both consumers and businesses survive tight times.

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