If you’ve suddenly found yourself laid off of work, or worse yet, totally without a job, your first response may be to panic. Once the intense fear wears off, it’s time to collect your thoughts and put your situation into perspective. Your initial goal should be to try to find some form of income to cover this month’s bills. You should also try to find a way to postpone your payments or reduce the monthly amount if at all possible. Here are just a few suggestions on what you can do to keep your cool and survive a financial crisis.
Seek A Short-Term Loan
One of the last things that may be on your mind during financially challenging times is to take out and borrow more money. But in some cases, it may be to your advantage. If you know your money problems are only temporary, you can utilize a short-term loan in order to bridge the gap of no income until you see a steady flow happening again. An installment or personal cash loan allows you to gain access to cash and borrow the money you need for daily living expenses and important bills, such as utilities that need to be paid immediately. If you find yourself in legal trouble or are facing an unforeseen emergency, a payday loan alternative from BlueTrustLoans.com may be able to help you bridge the gap between now and your next expected payment from unemployment or a settlement.
Contact Your Creditors
When the collection calls start to roll in, it’s hard to concentrate on anything, let alone going out and applying for a new job. Try to focus on the positive. Having a good attitude is exactly what you need when you start to contact all of your creditors. Don’t leave any of them in the dark. This includes all of your utility companies, your mortgage lender and the bank that holds your vehicle loans. In most cases, when you approach them with kindness and straightforwardness, they will work with you on a payment plan or a deferment, if you know you’ll be able to pay them back on a specific date. In some cases, you may be able to skip a loan payment, and your lender can roll the payment and interest into the term of the loan. This gives you some breathing room to rework your budget and have some time to gain access to cash.
Consolidate Your Debt
If you’re suddenly unemployed, it may be challenging to find a lender who will consider consolidating all or some of your debt. If you are facing a financial pitfall, one of the last things you’ll want to do is just stop paying on your revolving lines of credit and credit cards. Contact your credit cards companies immediately and ask to get the lowest intro rate and APR for new credit transfers. From there, consolidate and transfer all of your high interest cards onto the one account with the lowest intro APR. This will help not only save you from financial ruin and high interest fees, but it will also help improve your credit score. Having a high score while you’re going through tough times, is incredibly helpful. It keeps your borrowing power strong, should you need to ask for more credit in the future.
Take A Mental Health Day For Yourself
With phone calls, planning and following up on appointments, it can be easy to over stress yourself. The result can be troubling and make it hard for you to properly recover from your financial crisis. That’s why it’s important every once in a while to step away from things for a bit. Here are a few examples:
- *Unplug your phone for the day or just a few hours.
- *Step away from social media.
- *Plan a cheap day trip to the park or beach or other places that don’t cost a lot of money.
- *Avoid listening to others problems, which can make you stress out further.
- *Try not to stress out about things you can’t change.
- * Do something nice for yourself, such a manicure, massage or haircut.
- *Don’t be afraid to seek mental health support.
Talking to a friend or even setting up an appointment with a therapist is also a good way to learn new ways to help you focus on what’s important and how to cope with the stresses you may be facing.
Like with everything, a financial crisis will likely pass. Stay focused in order to see a positive outcome.