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Who Should You Reach Out to for Help in a Financial Crisis?

Guest Blogger December 28, 2017
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If you’re falling into a financial crisis, you don’t have to go through it on your own. There are many professionals who are qualified to offer support and guidance, and there are specific steps you can take to regain control of your situation.

One vital step to take when you’re struggling financially is to reach out to people who are trained to understand money matters, such as certified credit counselors or attorneys. The right professionals can help you better understand your options and show you the way out of your situation.

Here’s a list of the people you’ll want to reach out to when you’re facing a financial crisis.

Get support from loved ones

Do your loved ones know what you’re going through? If not, consider the possibility that they would be willing to offer emotional support, encouragement, or even financial support, if they knew the severity of your situation. After all, it’s the people closest to you who are often the most willing to help you overcome a crisis.

When you approach your loved ones for help, be sure to take ownership for any part that you may have caused, let them know about your plan to make improvements, and ask if there’s any way they can support you. This could include sharing advice from their own experience overcoming a financial crisis, or even sharing a recommendation for a professional they’ve worked with.

Just make sure anyone you’re referred to has up-to-date credentials and is properly qualified to offer financial guidance.

Contact a certified credit counselor

NFCC-certified credit counselors take a holistic approach to helping you improve all aspects of your finances. Many of their services are free, and they can review your overall financial situation, including your debt, credit and income, to help you decide how to proceed. Here are some of the issues they can offer specific counseling for:

It’s a certified credit counselor’s job to help you understand all of your options and to help you choose which solution is best for you. You can also talk to a financial counselor multiple times to examine your progress as you work toward a solution.

Call your creditor(s)

If your financial crisis involves debt payments, reach out to your creditors as soon as possible.

For loan payments, your loan servicer might work with you to refinance your loan or temporarily reduce your payment amount. Keep in mind that your lender wants you to pay back your loan, so they will often work with you to find a solution.

When it comes to credit cards, you can reach out to your credit-card issuers for help. They may be willing to adjust your payment due dates or even set you up on a hardship payment plan to give you temporary relief while you overcome your setback.

Talk to an attorney

In some cases, talking to an attorney can help, since you may need to explore legal options for solving your financial crisis. A lawyer can recommend specific legal actions that you may not have considered. Though taking legal action in a financial crisis may seem drastic, sometimes it can be better for you and for your credit than staying in the crisis for too long.

Contact a financial advisor

If you have a financial advisor you trust, they should be able to examine the details of your situation. They can also give you ideas for how to improve your situation based on the assets and resources you have. A financial advisor can also speak with you multiple times over the course of your crisis to update you on your standing and help adjust your path if necessary.

Here are some issues a qualified advisor may be able to help you address during a crisis:

  • Retirement strategy
  • Tax planning
  • Estate planning
  • Insurance decisions
  • Investment strategies

Before hiring an advisor, make sure to check the SEC’s Investment Adviser Public Disclosure or FINRA’s BrokerCheck to ensure they have current credentials. You’ll also want to review their fees up front. In 2026, hourly rates typically run between $200 and $400.

Don’t delay getting help!

If you’re in a financial crisis, or if you see one headed your way, it’s important to take action quickly. If you know you’re falling into financial trouble, talk to a loved one or a professional so you can determine your next steps before things get worse. 

The sooner you take action, the more likely you are to recover with less fallout. Contact one of our certified nonprofit credit counselors to get started with one-on-one, professional help today!

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