Fifth Third Bank Offers Tips on How to Deal with the Current Economy
by Steve Cypher on Wednesday, December 17th, 2008As part of its Dream Guard Initiative the Cincinnati Ohio-based lender offers consumers tips for dealing with todays uncertain economy.
Weathering Today’s Economy
Just yesterday, we wrote an article here at Auto Credit Express about the effect of the media on American’s perception of the economy. According to a survey conducted by Opinion Research Corporation, fully 77 percent of Americans believe that negative news from the financial press is damaging consumer confidence and potentially prolonging the current recession.
And while we’re not always big fans of large banking conglomerates and the usurious rates that they charge for overdraft protection and bounced check and credit card fees, there are times when these institutions put their quest for the metaphorical pound of flesh aside to offer some sound advice to consumers.
In that light, here is a portion of the “Dream Guard” initiative recently launched by Fifth Third Bank:
It’s hard to pick up a newspaper or flip on the TV without being inundated by negative news on the state of the economy. Not surprisingly, a recent American Psychological Association study* found eight out of 10 Americans blame the economic crisis for much of the stress in their lives. Below are some tips to help you manage this stress.
1. Focus on what you can control. There’s nothing you can do about the markets. However, you can control your personal finances. This includes limiting spending, increasing your savings and making appropriate investment choices for your family.
2. Limit your exposure to negative news. While you shouldn’t bury your head in the sand, you don’t have to subject yourself to negative economic news 24 hours a day. Consider changing your television viewing habits to limit your exposure to negative news. Watching a comedy or listening to music instead can have a surprising effect.
3. You don’t have to do this alone. Friends, family members and financial advisors can provide you with valued assistance. For couples, work as a team and make sure you have regular discussions on finances, spending, and budgets. If you find yourself in a situation where you may fall behind on your mortgage, credit card or other loan obligations, reach out to your lender – even before you’ve missed a payment. Together you may be able to work out options such as a customized repayment plan, loan modification or more. Both you and your lender can benefit from handling the situation in a proactive manner.
4. Learn from others. While this may be a new experience for you and your family, you can get ideas from friends and older relatives who may be able to share reassuring experiences from previous economic downturns. Benefit from their examples. Your banker and financial advisor are great resources of information as are free counseling organizations within your community.
5. Prepare yourself to handle life’s stressors. Healthy coping skills such as eating well, exercising regularly, getting a good night’s sleep and avoiding excessive use of alcohol or food make it easier for you to cope with whatever you have to face.
6. Decide what’s really essential. One of the best ways to reduce financial stress is to reduce your spending. It seems obvious, but it’s not easy to admit that you can’t afford something. Families should work together to decide what is essential and which nonessential purchases can be delayed or eliminated.
7. Let your children contribute. Whether it’s taking out the garbage, helping to prepare dinner so you can work extra hours, or forgoing the latest video game, kids are looking for ways to help. Doing so gives them some sense of control of the family’s situation. Be honest with your kids about your situation and help them find a way to pitch in.
8. Maintain family normalcy. Maintaining family routines and outside activities provides a sense of stability during uneasy times and may provide your family with the added reassurance you need. Still, consider cost-effective alternatives to your normal activities. For example, a fun movie night at home could substitute an expensive trip to the theater with tickets, popcorn and candy.
9. Know the signs that stress is affecting you. There can be significant health consequences to not managing stress or ignoring the signs. The signs and symptoms of stress can vary from person to person. Pay close attention to changes in your physical, emotional and mental state and visit your doctor if you’re experiencing any of the telltale warning signs.
10. Maintain a positive attitude about the future. In the not-so-distant future, many may look back at this as the time when they improved their future by taking control of their finances. Tough times can present the perfect opportunity to reevaluate your goals and dreams.
*The 2008 Stress in America research was conducted by Harris Interactive on behalf of the American Psychological Association between June 23, 2008 and August 13, 2008.
The Bottom Line
Many consumers out there are not having a fun time right now, to say the least. Many parts of the country are beginning to feel what many of us in Michigan have been experiencing for the better part of the last 7 years. But by following many of the aforementioned tips, you may be able to “lighten the load” just enough to manage your stress and improve your outlook.
Fifth Third Bank is the absoulte worst company for charging usury charges on accounts. On a $23 overdraft, they allowed my charges to accumulate to over $800, while they “investigated unauthorized charges”. At the conclusion of investigation, I was told they could do nothing about even the accumulated charges and not only sent me to collections- but reported me to Check Systems. I believe this bank is walking a thin line and will eventually learn or go out of business.