4 Proactive Ways to Protect Your Finances from Coronavirus Panic
As difficult as it is not to be sucked in by the attitudes out there, it's important to keep some perspective. Instead of worrying about what might be, taking action puts you back in control of the situation. If you're wondering what the economic fallout of all this will be, we have a few tips that can help you sleep a little better tonight.
Start Your Communication Engine
One of the biggest reasons why people fall behind with their finances is because, at some point, it all becomes too overwhelming to handle. But if you start contacting your lenders or service providers immediately — rather than before you can't pay a bill — you're less likely to end up in hot water down the line. These companies have been extending numerous incentives to help their customers.
Spot the Scams
A good con artist knows the value of a catastrophe, and they'll look for every way to exploit it. Text messages, emails, and social media posts may beckon you to visit this website or pay for this service, but you need to block out the noise that surrounds you. And unfortunately, since most of us are online constantly, it's all too easy to fall prey to this. Visit and order from trusted sites, such as Amazon, and make sure you're getting your news from somewhere other than Facebook.
Check Your Credit Reports
Even with everything going on, this is still one of the most reliable ways to maintain your finances. Your credit report will reveal you more than illegitimate activity on your accounts, it will also show any potential mistakes that may have been made. During this time of chaos, it would be easy for officials and business owners to overcharge, misreport on-time payments, or switch your account with someone who has a similar name as you. Visit Payment Reporting Builds Credit (PRBC) to check your score for free.
Contact a Credit Counselor
Credit counselors are usually non-profits, and their business can't survive unless your bank account does. These counselors have a way of looking into the different opportunities available, so you can negotiate and settle with creditors for a fraction of what you owe. You're likely not at this point yet, but it's good to keep this option in the back of your mind if this stretches out longer than anyone would like.
And if you're looking for a short-term loan to help you out of an immediate mess, PRBC may be able to help. Give us a call to learn more about our response to this crisis, and why we're here to help us all get through it.