When considering either global, South Carolina or personal economics, you may notice that finances fluctuate. A nation, civic community or individual may go from days of financial stability, perhaps even a thriving economy to major financial crisis in a short amount of time. Depending on your circumstances, you may be aware of an approaching financial crisis or caught completely off-guard.
Perhaps your boss tells you the company plans on cutting back and you’ll be out of a job in six months. If you are unable to secure new employment within that time, it may come as no surprise when you start to have trouble making ends meet once you’re unemployed. On the other hand, you may have a few months’ savings in the bank but face sudden, unexpected crisis when a medical emergency arises. When external factors cause financial distress, it’s critical that you know where to seek support.
Life issues that prompt financial crises
On the bright side, there are often one or more options available to resolve such problems. Your key to success may lie in the type of resources you access when a financial crisis hits. You may relate to one or more of these issues that often cause serious financial problems:
- Were you unable to pay back your college loans before you earned your degree? If so, you are no different than thousands of other South Carolina residents facing similar student loan-related financial problems.
- If you are in the middle of divorce proceedings or recently finalized a divorce, you likely understand how financially-draining the process can be. It’s true that money problems often lead to divorce. It’s also true that divorce often prompts major financial problems.
- When temporary issues arise that challenge your ability to make ends meet, how do you handle it? If you resort to paying bills with a credit card, you may be one of many who have fallen into a financial crisis by using credit as cash.
- An income reduction may have been the straw that broke your financial camel’s back. Perhaps you still have a job but your employer recently did away with bonuses, which may have been enough to throw your whole financial portfolio out of whack.
The more you know about possible forms of debt relief, the better. By making informed decisions and taking advantage of financial support options available, you may be able to get your head back above water and lay the groundwork for a stronger financial future.