A new survey reveals that more than half of Americans anticipate losing everything this year as the economy continues to struggle.
The good news is that you don’t have to be one of them.
Here’s what you need to know, and how to stay afloat during the rough waters expected in the months ahead.
Bankrupting America
The world’s biggest banks are going bankrupt. Leaving little hope for small businesses and individuals.
New data from a poll published on Yahoo shows that the majority of respondents believe that we are already in a recession. 55% fear they will lose everything in this new 2023 recession. Many others probably don’t realize how fragile their financial position is.
That’s at least tens of millions of property owners in the country that could lose their homes and everything else this year.
So, how do you make sure that doesn’t include you?
Diversifying Deposits
In previous financial crises 1,000 plus institutions have gone under by the time it was over. So, going by history, we have probably only seen the tip of the iceberg of this one so far.
Surviving this isn’t just about how much money you make or have saved, but being able to access it.
Don’t have everything in one bank. Don’t rely on just one source of income. Watch that your balances don’t exceed FDIC insurance amounts.
Prioritizing Your Bills
Take a moment to prioritize your expenses and bills. Know which are most important. So, that if you can’t pay everything, you are at least focused on what matters most.
It is not ideal to fall behind on any payments or to take any hits to your credit. Yet, it is a lot better to fall behind on your credit cards, then vehicle loans, before risking losing the roof over your head.
The Biggest Threat To Your Home
One of the most common and fastest ways to lose your home is actually falling behind on your property taxes.
Even more so than falling delinquent on your mortgage payments or association dues, or utilities.
Negotiating With Creditors
Be sure to get professional advice before trying this. Though in many cases you can negotiate your bills. Either to find better fitting payment plans, or to reduce the amount owed.
Thankfully, your property tax bill can be one of these that you can get reduced, and save thousands on each year. Which you can then use to cover other bills, or escalating grocery or utility costs.
Get in touch with Property Tax Adjusters today to find out how to get your annual property tax bill reduced…