Getting Financial Help – Overview
It would be wonderful if no one ever needed financial help.
If only our bank balances always contained enough money to meet our needs, it would be a world filled with much less stress for many people.
However, we all know that this is not the reality. There are so many factors that might be causing you to seek financial help.
Unexpected expenses, poor planning, a job loss, a health crisis and many other unforeseen circumstances can all lead to financial difficulty.
The problem is that once a financial problem starts, it tends to spiral out of control. More and more obligations are missed, and greater problems are created as you try to dig yourself out of the hole.
All is not lost however.
There are many places that a person can look for financial help when they're having a tough time.
Getting financial help while the problem is still young is a very good idea, and can help you nip it in the bud before you're faced with a much more serious situation.
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Below are 6 ways to get financial help
1. Get Help from a Financial Advisor
Independent financial advisors have seen it all. They've dealt with clients who have gone through good times and bad, and are experts at looking at a particular financial situation and helping you understand the best way to proceed through it.
When looking for financial help in a difficult situation, you want a financial advisor, rather than a straight forward investment advisor.
Look for someone who will take into account your entire financial picture, such as income, debt, and savings goals to help you come up with a plan.
2. Talk to Your Bank
Talking to a banker is a sometimes overlooked source of financial help. Your bank will have many different resources available to you in the form of financial advisors and agents who understand how to make the most of your current situation.
Sitting down for a one-on-one consultation could be a way to get a better understanding of your financial picture, and help you come up with a plan on how to manage it.
These types of meetings can be helpful in two ways.
- First, if you're in a financial difficulty, your banker can help you look at options they have available for helping you to manage the crisis.
- Second, if you're not currently in a crisis your banker can advise you on savings and investment options so that you can protect yourself against any potential crises in the future.
3. Seek Credit Counseling
There are legitimate credit counseling agencies out there who can help a person who has debt problems. However, there are a number of reasons to be wary when dealing with these types of agencies.
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Some may purport to offer financial help but may actually cost you more money by charging you for services that don't really help your financial situations. A good credit counseling agency should:
- Not make you any promises about quick resolutions.
- Be a verifiable company with a proven track record.
- Not charge you for receiving initial information about the company and the ways they help their customers.
- Not demand all of your personal information up front before you agree to do business with them.
4. Consolidate Your Loans
If you are dealing with debts from several different sources with various high interest rates, a consolidated loan could be a good option. This is a single loan that will pay off all of your debts, rolling them into a single payment. This makes repayment easier to manage for many people, and if you can consolidate your debts into a lower interest rate loan than what you're currently paying, it could save you thousands over the long run.
5. Look into Government Programs
If you find yourself in the need of serious financial help it may be worth looking into the various government programs that are available. The government has programs in place to help people pay for various necessities. If you qualify, these programs can be an effective way to help get you through a critical time.
The government also has initiatives in place to help with training and job placement if securing work is a difficulty. This can be an excellent way to receive financial help that will have a long-term effect on your family's overall financial well-being.
6. Seek Legal Aid
If you're in need of serious financial help, and are having legal difficulties as a result of it, you need to get qualified legal aid. There are many situations where financial help and legal help overlap, but someone qualified to provide one is not always qualified for the other. Be sure to obtain legal advice if you're in a legal difficulty because of financial issues.
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