American Consumer Credit Counseling Offers Financial Tips to Prepare for Unexpected Events
No matter how careful consumers are, their financial situation can change at any moment due to an unexpected event. Although consumers cannot control certain events, they can ensure they are financially prepared for them. To help consumers, national nonprofit
"Things happen, and consumers should take steps to prepare for an unexpected event that could potentially hurt them financially," said
According to a survey by the
ACCC provides consumers with steps on how to prepare for unexpected expenses.
1. Have an emergency fund– An emergency fund will provide support in case of an unexpected incident. An emergency fund should be able to cover six to nine months' worth of expenses.
2. Check your insurance – It is essential to make sure you have sufficient insurance to cover your circumstances, including potential health, car, home or renters' insurance coverage.
3. Plan for natural disasters – If natural disasters are common where you live, it is crucial to ensure you have flood, hurricane or earthquake insurance.
4. Make a list – Make a list of potential events that could happen and figure out how much it would cost and what your action plan would be. This could include unemployment, major car expenses, medical
bills, family-related expenses, weather-related events, significant home expenses or repairs, last-minute travel and more.
5. Create a backup budget – Look at your budget and see where you could cut back if you experienced unemployment or an unexpected expense.
6. Work with creditors –If you fall into debt due to an unexpected event, you may be able to develop a new plan that will fit your new situation.
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, and student loan counseling call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at ConsumerCredit.com
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Read the full story at https://www.prweb.com/releases/2018/06/prweb15595601.htm
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