How To Cope During
A Credit Crisis.To Lend
Do not panic. How do you
cope during a credit crisis when it seems that all hope is lost? When you are
in a financial downward spiral the best course of action is to stay calm. And
that is definitely easier said then done. You find
yourself swimming upstream in the turbulent waters of a credit crisis and you
begin to panic. The one and only thing that that will assure you of doing is drowning.
This crisis does not have to be your financial demise. The first thing you need
to remember is: Do not panic. Yes that does look great on paper but in reality
it is tough. Just being able to cope during a credit crisis takes great determination. First
take a look at your living expenses. One of the simplest ways to cut your electric
bill is to utilize energy efficient light bulbs. Turn your hot water tank down.
Typically you do not need the temperature past the mid-mark of warm and hot. Reducing
these expenses will save you money over the course of a year. While
fuel is a significant burden, rethink the use of your stove and oven. Can you
plan meals that will allow you to cook on a barbecue? Briquets are often cheaper
than turning on the stove. Also use the microwave more often. No it may not be
as tasty as preparing meals for the range but you will save on fuel and you can
always try new spices to liven dishes up a bit. Credit
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If
you have an adventurous spirit, try cooking on an open fire. Your kids may get
a kick out of “roughing it” a couple of times a week. Not only will
you be saving money on fuel and electric bills, you will be building memories
for your family that are priceless. Sharing bonding experiences with your family
will lessen stress and help you cope with a credit crisis. How
is your auto insurance policy? Can you increase your deductible and limit your
liability? Do you need collision on your vehicle? Can you get by with only one
auto? All of these answers could save you hundreds of dollars a year. So
now that you have done all these things and you are still struggling and your
coping skills have been stretched to the limit during this credit crisis what
do you do? Take a deep breath. Sit down. And write it all down. Write
down every bill, every debt, every expense you have on a daily, weekly or monthly
basis then put it away for a day or two. Why? So you can let it go and look at
it with fresh eyes. Sometimes having things on paper will offer you a course of
action you had not thought about. If you already have collectors
ringing your phone, utilize an answering machine so you will not be tempted to
agree on a payment you simply can not make. Take a day to gather the information
on that creditor and figure out how much you can comfortably pay and then call
them back with that figure. Oftentimes creditors will work with you to bring that
debt to resolution. Coping during a credit crisis does
not offer you the benefit of ignoring your monetary obligations. Meet them head
on and take control. Your credit may already be damaged at this point so putting
yourself under undo financial stress by agreeing to terms that are unrealistic
will not solve anything. Rebuilding your credit
is going to take time so create a goal for yourself of say five years. Then you
will give yourself the room to get back on track without added stress. Also, live
simply. You will be able to cope during a credit crisis and you will be wiser
for the experience.
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