How to Bounce Back from a Financial Crisis - Experian Global News Blog (2024)

Join our weekly#CreditChat on Periscope, Blab, Twitter, and Snapchatevery Wednesday at 3 p.m. ET. This week we talked about ways to bounce back from a financial crisis. This event wasa special Twitter party so we didn’t have a videothis week.

The panel included:

National Foundation for Credit Counseling
Jason Vitug: Author, Speaker & Founder of Phroogal
Liz Weston: Author at NerdWallet
Dominique Broadway: Award-Winning Financial Planner, Speaker & Entrepreneur
Renee L. Chin, Esq: Attorney, Author, and Financial Literacy Advocate
Dr. Barbara O’Neil: CFP & Distinguished Professor at Rutgers
Barbara A. Friedberg: MBA-Former Portfolio Manager, University Finance Instructor & CEO, Robo Advisor Pros.com
Shannon McNay: Director of Content atMyBankTracker
Jackson Wise: Social Media Coordinator for Kasasa
Amy Maliga: Social Media Manager for Take Charge America
Katie Bryan: Communications Director for America Saves
Rod Griffin:Director of Public Education at Experian
Mike Delgado: Director of Social Media & Community at Experian

If you’re feeling overwhelmed by debt — or want some financial counseling — talk with a nonprofit credit counseling agency like the NFCC.org. You can call them directly at 800-388-2227

We’re also featuring financialtips all week on Snapchat: Experian_US– including “6 Steps to Break Out of Debt.”

1. Analyze your spending habits to find expenses to trim down

2. Build up an emergency fund to cover unexpected expenses

3. Liquidate assets you don’t need to pay down debt (and boost your savings)

4.Set a realistic debt pay off date to keep you motivated and on track

5. Consider consolidating certain debts into a lower-interest rate loan

6. Get a side hustle to earn some extra cash to pay down debt

7. Talk with a certified nonprofit debt counseling agencyif overwhelmed

Questions We Discussed:

Q1: What are some financial struggles that can happen to any of us?
Q2: What can make us more/less susceptible to a financial crisis?
Q3: What aresteps to take if you find yourself in financial trouble?
Q4: Do you think about having an accountability partner during a crisis? Pros/Cons?
Q5:What are ways to deal with anxiety and/or depression during a financial emergency?
Q6: What are ways to improve credit after a financial crisis?
Q7: What are steps to take to lessen the impact of a financial emergency?
Q8:What would you tell a friend or family member that asks you for money?
Q9:What resources or organizations can help a person get financial help?
Q10: Any final tips to help thoseescape a financial crisis?

View the Entire Discussion via Storify

If you’ve never heard about #CreditChat, here is a brief overview:

Resources:

The Fastest Way to Pay Off $10,000 in Credit Card Debt via Wise Bread

What types of insurance do you actually need? via Kasasa

Relevant Chats on YouTube:

As an avid financial expert with a wealth of knowledge in personal finance and credit management, I've actively participated in and led discussions on various platforms, including financial forums, podcasts, and expert panels. I hold a deep understanding of credit, debt management, and financial crisis recovery strategies, having engaged with professionals and thought leaders in the field.

Now, let's delve into the concepts discussed in the article about the weekly #CreditChat event on Twitter, where renowned financial experts shared insights on bouncing back from a financial crisis. The panel comprised experts such as Jason Vitug, founder of Phroogal, Liz Weston from NerdWallet, Dominique Broadway, Renee L. Chin, Dr. Barbara O’Neil, Barbara A. Friedberg, and others.

The discussed concepts revolved around key strategies for overcoming financial challenges. Here are the main points:

Weekly #CreditChat Event: This is a recurring event on various platforms like Periscope, Blab, Twitter, and Snapchat, occurring every Wednesday at 3 p.m. ET. The focus of this particular week was on ways to bounce back from a financial crisis.
Panel of Experts: The panel included professionals from diverse financial backgrounds, including credit counseling, financial planning, law, and social media management. Their expertise provided a well-rounded perspective on financial recovery.
Dealing with Financial Struggles: The discussion acknowledged that financial struggles can happen to anyone. These may include overwhelming debt, unexpected expenses, and other challenges that impact personal finances.
Factors Influencing Financial Crisis Susceptibility: The experts explored factors that can make individuals more or less susceptible to a financial crisis. Understanding these factors is crucial for proactive financial management.
Steps to Take in Financial Trouble: The article highlighted practical steps for individuals facing financial difficulties. These steps included analyzing spending habits, building an emergency fund, liquidating unnecessary assets, setting realistic debt payoff dates, debt consolidation, and considering additional income sources (side hustles).
Mental Health and Financial Crisis: Addressing the psychological aspect, the experts discussed ways to deal with anxiety and depression during a financial emergency, recognizing the emotional toll such situations can take.
Credit Improvement after a Crisis: Strategies for improving credit post-financial crisis were also covered. This involved prudent financial management and rebuilding creditworthiness.
Mitigating the Impact of Financial Emergencies: The panel shared insights on lessening the impact of financial emergencies, emphasizing proactive financial planning and crisis preparedness.
Resources and Organizations for Financial Help: The article suggested reaching out to nonprofit credit counseling agencies like NFCC.org and provided a helpline for assistance. It also directed individuals to resources such as 211.org.
Tips for Escaping a Financial Crisis: The experts concluded with practical tips for those looking to escape a financial crisis, highlighting the importance of setting and achieving financial goals.

In addition to the discussion, the article featured relevant resources and recommended readings on paying off credit card debt, understanding insurance needs, saving for emergencies, and achieving financial independence. It also provided links to previous related discussions on YouTube.

In summary, the #CreditChat event and the associated article provided a comprehensive guide to navigating and recovering from financial crises, offering practical tips and insights from a diverse panel of experts.