What to Do in a Financial Emergency? Short Guide
When you find yourself in a financial emergency situation, it can feel like you’re at the end of your rope. The first thing to do is take a deep breath and remember that everything will be okay.
The next step is to make sure you’re not making any big mistakes in your efforts to solve this problem. At the Perry Department of Public Safety, we made up a short guide of some things to avoid:
- Taking out a loan that has unfavorable terms or interest rates – these loans can help get you out of an immediate bind but they’ll be more trouble than they’re worth if they don’t go away after a few months.
- Using credit cards – while it’s tempting to use them as an easy source of cash during times like this, using credit cards for anything other than emergencies will only lead to even more debt down the road.
- Borrowing money from family members or friends – can cause serious problems in relationships and lead to resentment on both sides if expectations aren’t met.
But all these options have drawbacks: working more hours will take away from your time with family and friends; asking for an advance on your paycheck means that you’ll have to pay it back later, and borrowing money from family members may cause tension in your relationship.
In contrast, loans can be a great solution for people who are facing financial emergencies. Loans are easy to apply for online and they typically don’t require credit checks or collateral. In addition, if you have bad credit but need cash fast, personal loans can help because they don’t require good credit scores like other types of loans do.
If you’re considering solving a financial emergency situation and want to learn more about the process, the Perry Department of Public Safety is here to help you!