How to Handle Your Finances in a Crisis

12 Nov

How to Handle Your Finances in a Crisis

Here’s an article that I was quoted in with regards to using credit cards during a crisis like Superstorm Sandy:

A superstorm leaves a long-lasting impact on affected areas. Well after the news cycle slows and business begins to normalize, remnants of an event like Hurricane Sandy continue to reverberate in households and businesses.

According to the Chicago Tribune, the East Coast hurricane is estimated to be the fourth most expensive catastrophe in the U.S. behind Hurricane Katrina, the September 11th attacks and Hurricane Andrew. Totaling a predicted $70 billion in losses, Sandy will not soon be forgotten.

But as politically and economically charged as this weather phenomenon has been, few have begun to measure the personal cost. In terms of individual finances, the struggle that follows a storm of this magnitude can be incalculable in a time of grief and loss. However, the decisions made in the first few days following the crisis can determine whether survivors experience a swift recovery or a sluggish climb to stability.

From insurance claims, to purchasing the basic essentials for survival, costs can escalate quickly. In an ideal situation, Rob Wilson of RobWilson.tv recommends having three to six months of take-home pay to “lessen the blow of an event like this,” but admits that this isn’t always the reality of people’s savings balances.

Check out the full article at CreditCardSelect.com by clicking HERE.

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