Kimberly Palmer: Ways to recover from a financial shock and be prepared next time
By KIMBERLY PALMER of NerdWallet
Financial shocks, which can include unexpected events like a job loss, big medical bill or house repair, can be extremely challenging. To recover from a financial shock and be better prepared for a future one, experts recommend turning to or building up emergency savings accounts, cutting back other spending when possible and knowing where to find support. Lenders and service providers sometimes offer hardship options to give you more payment flexibility. Trusted friends and family members may be able to offer support as well. Staying positive and focusing on mental recovery is also important.
