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What does the term "financial crisis" mean?

Last Updated: May 26, 2009

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eXtension uses the term "financial crisis" to refer to a wide range of topics related to both the impact of an economic recession and events in people's lives that cause financial distress, such as unemployment, widowhood, and divorce. Among the topics that fall under this category are credit and debt management, investment losses, living on a reduced income, and mortgage foreclosures.

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