There are few things more depressing than when you’re having financial troubles, and it is very tempting to bury your head in the sand and hope the problem disappears. Of course, the problem won’t disappear at all though, and by ignoring it you will only make your troubles worse. The only way to face a financial crisis is to deal with it head on and make small but effective changes to your financial affairs. As much as you feel like you are dealing with your problems on your own, there are plenty of people out there who may be able to help. Whether it’s offering a sympathetic ear or professional advice, you should take advantage of the people around you that are there to help. So, who should you turn to when you are facing a financial crisis?
Your Family & Friends
The first people that you should confide in are your family and friends. They will be able to offer an empathetic ear, and they may also be able to offer you a loan at a far better rate than the banks would offer. It may hurt your pride to admit that you are having financial problems, but the chances are that whoever you speak to will have been there themselves at some time or another so they are very unlikely to judge you and instead they will be pleased that you sought their help. They will help you talk through your problems and they’ll offer up a few ideas on how you could regain control on your financial affairs. Be open and honest with them and you will immediately feel better.
The next person that you should speak to is your accountant. They will be able to cast their eye over all of your finances and tell you about areas where you could be saving money. They may also refer you to a debt counselor who will be able to show you great ways to consolidate debts and manage your finances better. Listen very carefully to their advice and follow it to the letter – if they can then they will be able to guide you until you and back on the right tracks again.
In worst-case situations you may find that your only viable option is to declare yourself bankrupt. This has serious repercussions and you may struggle to get a bank account or mortgage for a few years afterwards but for many people it is the only option left available to them. If you have exhausted all other options and you feel that bankruptcy is the only way forward for you then it’s time to instruct a bankruptcy attorney who will guide you through the process.
Financial problems are terrible and they will keep you awake at night, but dealing with them head on is the only way forward if you want to get yourself out and move forward with your life. If you have financial worries then it’s time that you started using the people around you to help you recover and move on.
Jamie Peters, the author of this article, is a freelance blogger, currently working with Goldbach Law Group, well-known chapter 13 bankruptcy attorney in Whittier. Jamie loves to play chess in her spare time with her daughter, Annie.