Five Ways to Be Prepared for Whatever the Economy Brings

News provided by

InCharge Debt Solutions

Jul 05, 2012, 02:05 ET

Nonprofit InCharge Debt Solutions has a plan to help consumers face any financial challenges ahead

ORLANDO, Fla., July 5, 2012 /PRNewswire-USNewswire/ -- InCharge Debt Solutions ("InCharge"), a nonprofit organization devoted to helping consumers resolve their debt problems, has a five-step strategy for consumers to follow regardless of whether the American economy goes up or down.  According to some estimates, there is still a 40% chance of a recession in 2012 and the jobless rate could rise as high as 9.5%. 

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"Whatever happens this year, history has proven that another recession will come, maybe not in the next six months, but in the future and being ready for it is crucial," said InCharge President Etta Money.  "It is prudent to be prepared for every contingency, and planning and financial literacy education are two very important missions of InCharge Debt Solutions.  Hopefully, the economy will continue to improve, but if it doesn't, we all need to have a plan for whatever the financial markets bring."

Current indicators point to the possibility that 2012 GDP growth rates could be less than 1% and, when combined with the financial problems being faced by Europeans, the American economy, our job market, and credit availability could be negatively affected.

InCharge recommends that every consumer take these five steps, now, before any of these negative forecasts come true:

1 – Reduce your debt – paying for debt instead of life's necessities (food, shelter, utilities) is counterproductive, particularly during a recession.  Take steps to pay down your debt as much as possible before another downturn.

2 – Create an emergency fund – even if you only have a small amount of "extra" money every time you receive income, put as much as you can away.

3 – Cut your expenses – it is amazing how many things you can save on when you really put your mind to it.  Cable, insurances, entertainment, there are always ways to cut.

4 – Be a better employee – work harder, do more at work, become more visible and more valuable to your employer.  Who knows, you may get a raise or a bonus!

5 – Do a financial inventory – free credit counseling from a nonprofit like InCharge Debt Solutions is a great way to have a certified professional evaluate your financial situation, budget, and spending habits, and develop a strategy to help you deal with whatever the American economy throws at you.

InCharge Debt Solutions, a 501(c)(3) nonprofit organization, provides bankruptcy counseling, credit counseling, and housing counseling services to consumers and service members in need of financial literacy education, money management guidance, and help finding the right debt solution for their specific situation.

For more information, contact InCharge Debt Solutions:

About InCharge® Debt Solutions
InCharge® Debt Solutions is a 501(c)(3) non-profit organization specializing in personal finance education, housing counseling, bankruptcy services, and credit counseling. Founded in 1997, InCharge interacted with over 1.1 million consumers in 2011 alone.  InCharge is affiliated with InCharge® Education Foundation, Inc. (ICEF) which is dedicated to providing educational products, services and research supporting the personal financial literacy of consumers across America.  ICEF also provides financial literacy training to servicemembers and their families through MilitaryMoney.com.  InCharge is a member of the National Foundation for Credit Counseling (NFCC), and is accredited by the Council on Accreditation (COA). 

Contact: Media Relations
InCharge® Debt Solutions
(407) 532-5599
[email protected]

SOURCE InCharge Debt Solutions

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