National nonprofit credit counseling agency Take Charge America provides guidance for Americans stretched to their financial limits
PHOENIX–(BUSINESS WIRE)–The devastating economic effects of COVID-19 have forced millions to live off emergency savings. But as the pandemic continues to roil the financial lives of Americans, many have reached their limits and are wondering where to turn to next.
Michael Sullivan, a personal financial consultant with Take Charge America, a national nonprofit credit counseling and debt management agency, advises people to stow away at least three to six months’ worth of living expenses in a liquid account.
“Emergency funds are just for that – emergencies,” he said. “We’ve reached a point where many people who had fully funded their emergency stash are now running low because of economic and job instability. In these situations, some creativity and new spending habits are required.”
To avoid falling deeper into debt, Sullivan offers these tips:
Remember: Rebuilding an emergency fund is a marathon not a sprint. If you need help, consider a free online credit counseling session for extra guidance.
About Take Charge America, Inc.
Founded in 1987, Take Charge America, Inc. is a nonprofit agency offering financial education and counseling services including credit counseling, debt management, student loan counseling, housing counseling and bankruptcy counseling. It has helped nearly 2 million consumers nationwide manage their personal finances and debts. To learn more, visit www.takechargeamerica.org or call (888) 822-9193.
Contacts
Tim Gallen
Aker Ink
(480) 335-6619
tim.gallen@akerink.com
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