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Paralyzed by lack of funds?

Updated: Apr 8, 2020

With unprecedented unemployment claims, fear of getting ill and dying, the ogre of no income, life milestones (prom, graduation, etc.) vanishing and all our anxiety/depression, we run the risk of becoming paralyzed. This is emotional overload.

We can lighten our load by becoming proactive.

First and foremost, we need to protect our families and ourselves from illness. Social distancing, disinfecting surfaces and other prudent precautions are critical.

While protecting ourselves and our families from illness is important, it is also imperative that we reduce the amount of stress we are currently experiencing. Stress lowers the immune system and makes the body more susceptible to viruses, regardless of how thorough our sanitation regimen.

One way to lighten your stress load is to become proactive in your own finances. Although it may feel defeating at first, I recommend contacting the landlord, the mortgage company, the credit card companies, the utility and phone companies and see how they can help lessen your current financial burden. There is no shame in needing assistance.

If you think about it, no mortgage company wants to repossess half of its portfolio. Many already have programs in place to defer payment. Many lenders and credit card companies will respond to this crisis by allowing for missed payments, no interim interest charge, no damage to credit rating IF you contact them. That's the thing - don't sit and wait for even more bad things to happen to your financial affairs. Call or contact them online. Make notes and record the identity (often an ID number) of the people you speak with. Make sure they document your call in their database as well.

We are in uncharted waters, but we are in it together. Most businesses recognize this and want (and need) to help their customers. So pick up the phone or log on to get started. You will feel the lowered level of stress with each successful call.

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