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Tips To Handle A Cash Flow Crisis

You never know when a financial shortfall can happen

. So its better to be prepared. Debt management program helps you tackle the economic crunch.

Debt management solutions

There are no guarantees in this current economic situation. With the recession and unstable stock market, things are getting worse day by day. In such a situation, financial shortfall can happen even to the most economically secure person. One wrong move can saddle you with debt problems. But debt management programs teach how to handle cash flow so as to avoid any shortfall situation. Here are some debt management solutions helpful for managing crunch cash flow situations:

Readjust your budget


The first thing you learn with a debt management program is to adjust your budget. Normally you maintain a budget, but thats not enough, especially when you are on the threshold of financial crisis. Experts of debt management teach you to cut out unrestricted expenses - anything thats not absolutely necessary to survive. Stop eating out, partying, buying designer clothes and everything that you can do without. Instead, use this money to pay off your credit bills.

Maintain a finance calculator

Its very important to keep track of your expenditures. For that, debt management solutions experts suggest a finance calculator. Keep details about every expenditure you make specifying the date and amount. Its just like any financial ledger and will help you know how much you owe.

Build an emergency fund

Counselors of debt management programs strongly recommend building an emergency fund which will take care of unexpected emergencies like an accident or job loss. This is one of the most effective ways to strengthen your financial security. Its ideal to have a minimum of 3-6 months of living expenses in the emergency fund so if any cash related crisis arises, you can cover it.

Approach creditors

If your debt amount is very high and you are unable to make even the minimum payment at the end of month, then debt management solutions experts recommend approaching your creditors. Explain to them your financial predicament and request to lower your monthly APR. Although there is no guarantee that creditors will agree, most often this trick works as creditors just want to have their investment returned, even if slowly.

by: brianwarren
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