Recovering from a Financial Crisis
A financial crisis can come in many forms. A natural disaster, unemployment, and an unforeseen medical expense are just three common examples. Not only do these events create havoc in our lives, but they can ruin our finances too. Thankfully there are steps we can take to be better prepared for these crises. And, there are agencies that can help up us recover. Watch the video below to learn how recovering from a financial crisis can be easier when you know where to look for help.
Video Transcription for “Recovering from a Financial Crisis”
Male: We may be on the other side of the recession, but that doesn’t mean
people aren’t still feeling the pain from the economic crisis.
Female: You may be one of those who lost your home or got behind on
your bills. In tonight’s Valley Works, Juanita Stevenson joins
us with how you can get back on track.
Juanita: It is possible. Coming back from a financial crisis such as
unemployment is difficult, but if you develop a plan and stick
to it, you can regain your financial health. It is the simple
things that Phil Rhodes and his wife, Janet, have come to
appreciate even more. After 3 long, hard years, the couple are
beginning to see the light at the end of the tunnel.
Janet: We’re not going to pretend that everything is still okay, but
it’s going to be okay.
Juanita: In 2010, Phil and Janet were both laid-off from their jobs. He
worked in advertising, she in marketing. The road back to
fulltime employment with good paying jobs has been a difficult
journey.
Phil: It tries your patience, it tries your faith, it tries your
confidence. It’s been the toughest 3 years we’ve ever gone
through in our marriage.
Juanita: The Rhodes’ got through those years by working temporary jobs,
tapping into their savings, and with a lot of help from family
and friends. Now they are ready to rebuild.
Phil: So much that we need to repay because we’re so incredibly grateful
for a lot of stuff that’s been going on to help us out.
Juanita: They have their priorities.
Janet: Getting out of debt and putting away in savings. Starting over.
Juanita: Kara Pierce, with Clearpoint Credit Counseling, says it’s good
to have a plan when coming back from a financial crisis like
unemployment.
Kara: Always first is your place to live.
Juanita: Pierce says if you still have your home and are behind on your
payments, Keep Your Home California has program to help you
catch up on your mortgage.
Kara: It’s not changing their payments, so it’s not modifying it, all its
doing is helping them pay the past due amount, so going forward,
they can just pick up and start making their payments.
Juanita: When it comes to paying off your debit, you can prioritize by
looking at the bills that are charging you the most in late fees
and credit cards with the highest interest rates.
Kara: We can offer them a debt repayment plan, where they can help get back
on track with their unsecured debts.
Juanita: The Rhodes’ knows it’s going to take time for them to catch up
and rebuild. For now, they are concentrating on the basics.
Phil: The most important thing is our health, our wellbeing.
Juanita: It is difficult for many people to talk about their financial
problems, but Phil and Janet said they wanted to share their
story to help others who may be going through a similar crisis.
Female: Glad to see them doing better.
Man: Yeah. For that we appreciate their time, because a lot of people,
[inaudible: 03:05].
Juanita: A lot of people don’t want to talk about it, so they hide it.
When you reach out, there are a lot of people there to help you.
At Clearpoint Financial Counseling, as we mentioned, they do
help you with getting out of debt and coming up with a great
payment plan.
Female: That’s great. All right. Thank you.
Male: Good deal. Thanks, Juanita.
Female: For more information, go to ABC30.com, click on See It on TV
for a link to Juanita’s Valley Works website. There, you will
find the latest resources for job seekers, mortgage help, as
well as previous Valley Works.