Car "Credit" Crash

I saw a car crash today while I was out walking.

One car ran a stop sign.

The other car slammed on its breaks.

Then there was a loud bang.

I was scared when I heard the loud noise behind me.

It got me to thinking about a Credit Crash.

Right before a credit crash your financial life takes a turn.

There are situations that may come up in your life:

Job Loss.

Lay off.

Natural Disaster.

Separation.

Breakup.

Divorce.

Death.

Miss-Management.

Loss of contract.

These situations lead you into a credit crash if you are not prepared.

Credit crashes come at different speeds for different people.

One person may more money saved to prolong the credit crash.

One person may have more available credit to prolong the credit crash.

Your view of your finances plays an important role into how you handle your credit and avoid a credit crash if possible.

The credit crash goes into three stages before, during, and result.

You use your overdraft protection to pay bills before a credit crash.

You may bounce checks before a credit crash.

You may start paying your bills after the due date before a credit crash.

Your lender starts friendly collection calls when you are late before a credit crash.

You borrow money to put a band-aid on the situation before a credit crash.

Your overdraft protection is at the limit during the credit crash.

You max out your credit cards during the credit crash.

You stop paying your bills on time during the credit crash.

You try to rob Peter to pay Paul during the credit crash.

You withdrawal the last of your savings account during a credit crash.

Once all the reserves are gone.

You hit the bottom. 

The credit crash takes over. 

Your credit burns up in smoke.

The credit crash result you reach foreclosure status on your mortgage.

The credit crash result you have a court date for eviction from your apartment.

The credit crash result you start hiding your car from the repo man.

The credit crash result you are trapped by the check advance each pay day.

If you start to enter a credit crash you need to hit the brakes before its to late.

You can start by stop using your credit cards.

Inform your lenders when you are going to be late.   

Get out a piece of paper and write down your income and all your expenses so you can know where you stand.

Your attitude about money and finces has to change.

I went through all of these things except the cash/check advance.

It  wasn't until I lost everything that I opened my eyes.

My behavior that put me in my credit crash.

When the credit crash started I did not change anything that I was doing.

I had to take  100% responsibility for my credit crash!!!

Are you headed for a Credit Crash???

Your financial coach,

Renee Lawson

Recommended Resources:

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