Sep 12, 2009
The economy might have “bottomed-out”, that is, the worst might be over but for individual victims of the financial crisis, their troubles are only beginning. With their houses foreclosed, their credit on the red, and their future uncertain, there is so much they can do. Majority of these stories are quite sad but some are just heartbreaking. If you are in this situation, the blogs below might be of some help.
JD @ Get Rick Slowly recently updated his blog with the post, “How to Face a Family Financial Crisis?” One of his readers came to him with a problem: his family member is in serious financial trouble. JD advised that he should only spend on the necessities, be brutally honest with him, and consider drastic measures. The blogger further said that it is not a good idea to touch the retirement savings because it might lead to problems in the future.
Adam Baker @ Man vs. Debt wrote a very detailed article, “42 Ways to Radically Simplify Your Financial Life”. Finances need not be complicated if you follow his tips. Among the most useful tips included in the post include consolidating accounts, combining finances if married, freezing credit reports because it minimized the risk of identity theft, using cash, paying bills in batches, and budgeting using last month’s income.
Are you interested in finding out how the financial crisis actually occurred, its implications to ordinary Americans, and why the government bailout became necessary? The Mint Blog featured a visual presentation of the events leading to the worst economic problem since the Depression. The entry, “A Visual Guide to the Financial Crisis” is very helpful.
The challenges being faced by many Americans today might seem difficult to overcome, but it is not impossible. Increasing your financial know-how, following practical tips, and saving money by comparing online travel deals and credit reports can go a long way in improving your finances.
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