AICCCA Provides Three Step Plan
to Survive an Economic Recession
FAIRFAX, VA - June 17, 2008 — The U.S. economy is currently facing many challenges and U.S. consumers will have to ride out the slowdown as best as they are able. Association of Independent Consumer Credit Counseling Agencies encourages consumers to prepare for how an economic recession may affect their own finances.
"An economic recession can negatively impact consumers in many ways," said David Jones, president, Association of Independent Consumer Credit Counseling Agencies. "AICCCA can assist consumers with using their resources wisely and give them the tools to weather the economic recession with their finances intact."
To help, AICCCA provides three steps to survive an economic recession:
Add flexibility into your monthly spending plan. Rapidly increasing gas prices and the increased costs of food will require some adjusting to normal spending habits. Avoid adding to your credit balances by spending less in other areas to off set paying more for food and gas.
Save to protect against disruptions in employment. The unemployment rate jumped to 5.5 percent in May. A savings cushion of three to six months of living expenses will help you stay out of immediate financial trouble should you lose your job. Begin saving now if you don't have a savings cushion.
Seek help early for mortgage troubles. Look forward and determine when and if you will have a reset on the interest rate for your mortgage. If you know you can't afford the increase or are having trouble making your current mortgage payment, act now.
AICCCA members provide free or low-cost credit and housing counseling sessions for those who need help with budgeting for monthly expenses or are overwhelmed by increased living expenses. Make an appointment with a qualified counseling agency AICCCA member by calling 866-703- TRUST-AICCCA (866-703-8787) or visiting www.aiccca.org.
Founded in 1993, Association of Independent Consumer Credit Counseling Agencies (AICCCA) is a national membership organization, established to promote quality and consistent delivery of credit counseling services. AICCCA and its members are focused on improved creditor relations, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, counsel millions of consumers annually nationwide and provide debt management services to consumers with excessive unsecured debt. For more information or to contact an AICCCA member office call 866-703-TRUSTAICCCA (866-703-8787) or visit www.aiccca.org.
