Sources of financial information for survivors of domestic violence

Since covering the topics of financial fitness on this blog We've heard from several survivors of domestic violence.

One of the great myths of family violence is that all victims are without financial means. Advocates can tell you that this isn't always the case. A person's portfolio can change with any life circumstance that comes your way. Corporate downsizing, a promotion, medical bills and such are all a normal part of life.

Victims of domestic violence may find themselves in a financial free fall at some point after leaving. This doesn't mean that the situation won't improve. Many survivors go back to school for an education that will increase their income. After leaving, some victims may be able to hold a steady job for the first time in their lives.

The financial understanding that survivors of domestic violence is also increasing. Online websites make it easier than ever to manage household income and savings. The internet can be a good place to learn about credit worthiness and investing.

There are many companies that allow online trading. Some of these are OptionsHouse, Etrade, TD Ameritrade and others. Almost all have tools and educational aids to help inform your decisions.

Another source of financial advice may be your bank. These days, it is not uncommon for banks and credit unions to have online investing options available. Nonprofit organizations and some banking institutions have financial experts on staff. These folks, like Kalyn Risker of S.A.F.E. can help find ways to stabilize and build net worth.

For victims of domestic violence the only hard and fast rule is to never give up. It can take awhile but income does often change for the better. After stabilizing, it's a good idea to learn about all options and seek advice from the pros. When you are ready this is the best way to choose the investment options that are right for you.

Examining your credit history after domestic violence

One of the challenges facing survivors of domestic violence is rebuilding a credit history.  We all know that years of good credit history can be obliterated in a few weeks (or less).

You may have listened to the Voices of Hope broadcast on Blog Talk Radio about finances after domestic violence. Kalyn Risker of Sisters Acquiring Financial Empowerment told us what a credit score is and why it is important.

After the situation has stabilized and long term recovery has begun it may be time to look at your credit history. Websites like FreeScore.com can help you get your credit score for free in just a few mouse clicks.

Once you have your credit score and a copy of your credit report you can begin to take the steps to rebuild your financial security after domestic violence.

If you don’t understand your report ask your financial institution or credit union for help. Phone the bank ahead of time to ask if you should make an appointment. Examining your report will have to be done in person. You can’t do it over the phone. Be sure to allow plenty of time for the appointment so you won’t feel rushed.

If your financial institution or credit union can’t help they should be able to make a referral. Ask why they recommend the company and what they like or don’t like. They should be able to explain why they are making the referral.

Rebuilding your financial security after domestic violence can be a daunting challenge. It’s important to remember that you can do it.

We’ll have more on this in upcoming blog posts. Do you have any tips or hints that you would  like to share? If so, please share them with others in the comments section below.

~~ Many thanks to FreeScore.com for sponsoring this blog.~~