Coping With Financial Crisis

Unexpected financial crisis

When something unexpected happens, you might feel too overwhelmed to do anything. But if you learn how to cope with the situation, you can handle anything. Remember to keep calm.

Seek financial counseling right away. Free counseling services are available. Keep in mind that it's easier to manage a problem when it's still small.

Call your lenders and creditors. Let them know you're having financial difficulties. They can't help you unless you tell them what's going on. You'd be surprised at how helpful they can be during a crisis. Work with your creditors to get on a payment plan. You might even be able to restructure your debt.

Be honest with your creditors. Don't make promises you can't keep. If you really can't afford to make a payment until next month, tell the truth.

Don't be discouraged. It might take longer than you predicted for your financial crisis to go away. Be persistent with your creditors. Establishing a good relationship will get you farther than running away from your obligations. This is very important - your future financial stability is at stake.

Pay yourself first. As you start to pull yourself out of the financial crisis, remember to set aside money for savings. This will give you a cushion for financial crises in the future. Then you'll be on the road to financial health.

 

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