Working Through The Financial Impact of Disasters
By GreenPath Financial Wellness
have always been told that we should prepare in case of an emergency, and this
year has proved that statement to be more important than ever before. Taking
the necessary precautions and properly managing any unforeseen disaster will
not only protect yourself and your household, but also help you quickly recover
from damaged investments such as a home, automobile, business, etc. There are
several ways that you can minimize the financial impact of a current or future
may ask yourself, where do I even start? One of the very first steps to take is
contacting your insurance companies to file a claim. When filing a claim, you
will need proof of the damages so don't forget to take photos of all damages
and save them in a cloud-based account to ensure safe storage.
thing you should do is contact your credit card, mortgages and other creditor
companies so they are aware of your current situation. If the disaster, such as
a catastrophic weather event, fire, or even an ongoing pandemic, affects your ability to make payments on time, your creditors
may waive late fees or even allow a deferred payment.
you are unable to make some of your payments, be sure to check your credit
report, too. This is important because you can write a statement on your report
explaining your situation. Although it won't change your score, it's a
proactive move that will show future lenders why you had late payments and
increase your chances of taking out another loan in the future.
Keep reading about how
you can manage the financial impact of current or future disasters.
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