How to Cope with a Cash Crisis
If you are hit with a serious money crisis and you find yourself scrambling around for emergency money, heres how to assess your situation and get back on your feet.
All of a sudden and without warning, your roof begins to leak! Your hot water heater shuts down and your computer goes up in smoke, the clutch needs to be replaced in your car and your son decides to have his wedding on the Isle of Oahu all of this within the same week!
As you sit, stunned and you ponder an exit strategy you receive a friendly letter from the IRS explaining that you miscalculated your taxes in 1996, and they now own your house.
This Kind of Money Emergency Requires your Immediate Attention
What do you do?
The above scenario looks like a money emergency of biblical proportions. You are afraid to open your front door for fear of finding a swarm of locusts!
Thank goodness, there are things you can still do to restore your financial life and equilibriumand perhaps even fend off future misfortunewithout having to sell your very soul.
You are not to touch the amount, except for in an emergency.
Emergency Loan
Its not supposed to be depleted on a whim and every month.
Eventually, it will all catch up with you. Perhaps yes, maybe no. If you can manage an extra 0 per month, you will save thousands in interest costs over the long haul. By simply waiting until youve saved enough money to make purchases, you could eliminate those interest payments.
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