How to Bounce Back from a Financial Crisis

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Join our weekly #CreditChat on Periscope, Blab, Twitter, and Snapchat every Wednesday at 3 p.m. ET. This week we talked about ways to bounce back from a financial crisis. This event was a special Twitter party so we didn’t have a video this week.

The panel included:

If you’re feeling overwhelmed by debt — or want some financial counseling — talk with a nonprofit credit counseling agency like the NFCC.org. You can call them directly at 800-388-2227

We’re also featuring financial tips all week on Snapchat: Experian_US – including “6 Steps to Break Out of Debt.”

7 Steps to Break Out of a Financial Crisis

1. Analyze your spending habits to find expenses to trim down

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2. Build up an emergency fund to cover unexpected expenses

3. Liquidate assets you don’t need to pay down debt (and boost your savings)

4. Set a realistic debt pay off date to keep you motivated and on track

5. Consider consolidating certain debts into a lower-interest rate loan

6. Get a side hustle to earn some extra cash to pay down debt

7. Talk with a certified nonprofit debt counseling agency if overwhelmed

Questions We Discussed:

    • Q1: What are some financial struggles that can happen to any of us?
    • Q2: What can make us more/less susceptible to a financial crisis?
    • Q3: What are steps to take if you find yourself in financial trouble?
    • Q4: Do you think about having an accountability partner during a crisis? Pros/Cons?
    • Q5: What are ways to deal with anxiety and/or depression during a financial emergency?
    • Q6: What are ways to improve credit after a financial crisis?
    • Q7: What are steps to take to lessen the impact of a financial emergency?
    • Q8: What would you tell a friend or family member that asks you for money?
    • Q9: What resources or organizations can help a person get financial help?
    • Q10: Any final tips to help those escape a financial crisis?

View the Entire Discussion via Storify

If you’ve never heard about #CreditChat, here is a brief overview:

Resources:

The Fastest Way to Pay Off $10,000 in Credit Card Debt via Wise Bread

What types of insurance do you actually need? via Kasasa

Are you saving for a rainy day or risking debt when financial storms hit? via Kasasa

7 Steps to Saving Money in an Emergency Fund via My Money Coach

211.org

NFCC.org

Relevant Chats on YouTube: