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If you invested and have been living off bitcoin and are now facing a cryptocurrency disaster, it might leave you wondering how on earth you are going to afford to carry on living. If you haven’t managed to save up an emergency fund to cover you if the worst were to happen, at this time, there’s no denying the fact that you are going to struggle.
Fear not, however, as there are still ways to deal with your cryptocurrency disaster.
Read on to find out how this can be achieved.
Ask for assistance
There’s nothing to be achieved from being too stubborn to ask for financial assistance when you are facing problems with no longer having enough cryptocurrency to live. Quite simply, you must swallow your pride and go ahead and request the help that you are in desperate need of. Nobody is going to think any less of you for asking for such assistance, and you aren’t going to be deemed weak for needing the help in the first place.
First and foremost, you should pluck up the courage to ask your loved ones to borrow an amount of cash while you deal with the cryptocurrency disaster, which allows you to pay for emergencies or big bills. This could be a parent, your partner, a sibling, a friend, a colleague, or it could even be your grown-up child — whoever is able to lend you the money without landing themselves in a financial disaster as a result, don’t be afraid to ask them for help.
If you really don’t feel comfortable asking a loved one for assistance or if you don’t have anybody in your life capable of borrowing you the sum of cash that you desperately need, you could always take out small cash loans from Cash Lady instead. So as long as you know that you are going to be capable of paying back the money that you borrow on time and in full, there’s absolutely nothing wrong with turning to a professional lender when you are in desperate need of a cash injection.
Don’t stick your head in the sand
You aren’t going to deal with your cryptocurrency disaster if you stick your head in the sand with regards to it. You need to be proactive. It might require dedication and patience, and you may have to go without luxury in your life for the time being, but it’ll all be worth it once your finance-induced stresses are alleviated.
Devise a payment plan
Devising a strategic payment plan is the smartest thing that you can do so that once you have got back on your feet after the cryptocurrency disaster. You can pay back any money you owe to family, friends, the bank, or a loan company that helped you out of your emergency initially. Doing this will set you on course to curb your unnecessary spending habits, it will allow you to save some money, and subsequently, it will help you to deal with the knock-on effects in the healthiest way possible.
According to the balance.com, here are five crucial steps that you must take when you are paying back loans:
- Make a list of debts you owe
- Rank your debts in order of when you wish to pay them off (go from smallest to largest in order to build up some momentum)
- Focus on one debt at a time
- Never rest on your laurels — always look to move onto the next debt on your list
- Build up your savings
If you have found yourself in a situation such as this, it can at first be stressful, but knowing the steps to take will alleviate this.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.