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Prestige Financial Solutions Gives Tips to Combat the Recent Stock Market Downturn

Denver, Colorado (PRWEB) August 17, 2011

Prestige Financial Solutions, provider of the Pay as You Settle debt settlement program, recognizes that American consumer’s first reaction is to panic about the recent fall in the stock market and the ongoing debate about the debt ceiling. So, now is the time to have a plan. Here are some things you should do to survive a significant market correction:

Do not panic. Making decisions in the heat of the moment is always a bad idea. Think about the market after 9/11. The Dow Jones Industrial Average decreased by 2,000 points almost immediately, resulting in a significant downturn that lasted about three months. It bounced around for a short period only to return to its pre-9/11 numbers within three months.

Get your financial house in order. The Dow dropping 600 points in one day is enough to scare anyone. But if you have a financial plan, you’ll know where you stand. You will also know what that market change means to your situation instead of just thinking the worst. Remember, knowledge is power.

Putting together a financial plan that looks at net worth, cash flow, retirement, education funding (if you have kids), and even life insurance is the key to your comfort.

If credit card debt is putting a strain on your finances, here are some tips to help you work towards financial freedom:

1.    Create a monthly budget by reviewing income and expenses to determine how much you can afford to pay toward your credit card bills.

2.    Once your budget has been determined, you can explore your options, such as:

    Pay creditors more than the minimum amounts.
    Get a consolidation loan to pay off all cards.
    Explore credit card counseling programs to see if they can reduce your principle while maintaining an affordable monthly payment.
    Research debt relief programs, and look specifically for programs that do not charge upfront fees and can eliminate your principle balance within 36 months or less.
    Declare bankruptcy; a last resort due to length and cost of the process and the effect it will have on your financial well-being.

Pay as You Settle, operated by Prestige Financial Solutions, strongly recommends consulting with a debt advisor to help you assess your situation and further explain your options. To find reputable companies who may be able to help you, visit the Better Business Bureau’s website. Consumers should be well-informed and ask questions, as there are pros and cons to each option.

“Anxiety caused by credit card debt can be a highly emotional situation and people need to be sure they’re working with a reputable, established company that has their best interests in mind,” said Amy Thompson, a founder of Prestige Financial Solutions.

Pay as You Settle® (PAYS®) is one of the nation’s leading pay-as-you-go debt settlement programs operated by Prestige Financial Solutions. Information about the program can be found online at http://www.payasyousettle.com or by calling 800.441.7297.

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