Adriana Ocañas

A9. Financial empowerment can mean simply having control over your own financial life again. @AdrianaOceans’ recent column reports survivors having savings only they can access, reviewing their credit reports, having their own credit card. #CreditChat
money.usnews.com/credit-cards/a…

A10. Financial abuse IS abuse. One survivor said, "I missed signs because we were married and thought it was normal. He would take my income and give me an allowance out of it. I thought that's what you did when you got married. But it was financial abuse." #CreditChat

A9. According to our survey, financial abuse survivors achieved financial empowerment by having money saved that only they can access, 40% now have their own credit card and 34% are now financially educated. But it will take time and that's okay ♥️ Just focus on you! #CreditChat

A8. Just be there! According to the USN survey, 41% of financial abuse survivors said they reached out friends, family or a therapist for support while 36% reached out to loved ones about a place to stay. #CreditChat

A7. According to the USN survey, 48% said the largest barrier to credit repair was not knowing where to start. If you or someone you know is experiencing financial abuse, contact the National Domestic Violence Hotline at 800-799-7233 or text START to 88788. #CreditChat

A6. Something like a credit freeze works best when preventing new credit applications. But if you've already experienced financial abuse, it may be too late for that. Set up fraud alerts, change passwords and PINs, and make sure only you have access to your money. #CreditChat

A5. Get in touch with your issuers and explain the situation. Try to see if they'll work with you in some way. Also, review your credit report and dispute any errors you see – any debt that you didn't accumulate yourself. #CreditChat

A4. Review your credit report as soon as you're able. Make sure you have your Social Security card and any documents that may have sensitive information like bank account info. #CreditChat

A3. According to the USN survey, 67% of respondents said their credit was good or excellent before the financial abuse. After, only a combined 29% said their credit was good or excellent. And nearly 4 in 10 said they experienced over $5,000 in financial losses. #CreditChat

A2. According to a new USN survey, only 29% of victims recognized the financial abuse when it was occuring. Some warnings signs include being prevented from accessing your own money, your partner applied for credit in your name, or your partner refuses to get a job. #CreditChat

A1. Financial abuse occurs when one partner has control over the other’s economic resources. Your partner may interfere with your job, feel the need to control shared assets, or give you an "allowance." #CreditChat

A10. It's going to suck. There's no way around it. But keep reminding yourself that your situation is temporary. Lean on those around you for emotional support and don't wallow in a pit of despair. Remember, all things pass! #CreditChat

A8. I don't use a third-party app (when I probably should) to track my spending, so I go through my bank statement every month to see what's pulled when. And if I can't figure out where something is going, I go into cancellation mode. #CreditChat

A7. Good news: Unemployment counts as an emergency! 🤪 Now is the time to dip into it and worry about replenishing it later. The goal is to survive until your next job so stretch that emergency fund as much as you can. #CreditChat

A6. Reach out to your issuers the moment you think you'll have trouble making payments & explain your situation. It never hurts to ask what they can do. Some might pause payments or reduce interest rates. Others might waive fees or offer hardship assistance programs. #CreditChat

A5. Immediately review your budget and all the autopays you have set up to make sure they still work for you. All those autopays that get pulled every month? Yeah, you'll start feeling them when you're wondering where those $20 you just had went (ask how I know) #CreditChat

A4. Start by listing out your current bills and then see where you can cut unnecessary costs. Can you live without a few subscriptions for a while? What about better rates on auto or homeowners insurance? Every nickel and dime counts in this situation. #CreditChat

A2. It's mainly about your financial standing. Like, if you take your severance pay in a lump sum, you'll have more control over your money but could lose benefits. Figure out what's most important and have your severance meet those requirements as much as possible. #CreditChat

A1. Give yourself a day or two to breathe and then immediately file for unemployment benefits. The government likes to take a long time when you need something so the sooner you apply the better. #CreditChat

A10. For students: You're gonna stumble, and that's okay! Just learn from your mistakes so they don't become bad habits. Because those are WAY harder to break! Just remember: Pay more than the minimum, don't max out your card, and stick to your budget! #CreditChat