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Top Strategies for Managing Debt during a Financial Crisis

To survive times of ... crisis, it is crucial to keep in mind the two most ... ... First, don't panic; second, set your ... calm ... approach to your family's eval

To survive times of financial crisis, it is crucial to keep in mind the two most important imperatives. First, don't panic; second, set your priorities.

A calm thoughtful approach to your family's evaluating necessities becomes your priority in today's tough economic times. Look at your monthly income (or average monthly income) and subtract from it you fixed costs of living. Fixed costs are housing, utilities, food, auto (or other mode of transportation), clothing (necessities), insurance, child care/school, etc. DO NOT INCLUDE CREDIT CARDS. Recreation and luxuries are not necessities. Are you making enough to cover fixed costs? Are you living beyond your means?

Financial lifestyles can be changed. You may need to liquidate some essential items, even real property or cars to help maintain financial survival for you and you family. Unsecured bills, family loans, and credit cards may have to be put on hold; anyone you owe money to can be convinced to hold off if approached correctly. Carefully consider who takes a bite of your next pay check before you hand over your money. It would be a wise decision to talk to a professional for analysis of your personal financial situation. Most of allFree Articles, explore your options.

Article Tags: Financial Crisis, Fixed Costs

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


CuraDebt.com is a center for helping consumers nationwide become debt free without filing bankruptcy. The agency provides a FREE Debt Freedom plan consultation at 1-877-850-DEBT(3328) or on the web site: http://www.curadebt.com/a/1241.
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