Some examples of how to react to the crisis

BY KARIN PRICE MUELLER

It's okay to finally call this a financial crisis. It's okay to admit you're worried.

And this isn't another report telling you to sit tight and wait to see what happens or that you shouldn't worry, things will bounce back.

Rather, this is a time for measured moves, says Jerry Lynch, a certified financial planner with JFL Consulting in Fairfield.

"Don't be stupid. Do not sell all your assets and move into all cash. Do not 'double down' and go for it trying to make up for your losses," he says. "Have a good plan and stick to it."

To help, The Star-Ledger asked some financial advisers to offer advice for families with different money situations. Of course, no two families are alike, but we bet you can find elements of your own financial situation -- and adopt some of the suggestions -- in these profiles.

PROFILE No. 1
Single woman, age 24, with a salary of $40,000 a year. She rents an apartment and contributes 10 percent of her salary to her 401(k). She has $2,000 in a money-market account and has $35,000 in credit card and student loan debt.

What she should do: "Short term, I would suggest that she stops paying into the 401(k) plan at the level she is and pay down the credit card debt," Lynch says. "If the company has a match, do only that and start systematically paying off the high-interest credit card debt."

What she shouldn't do: Refinance her student loan. "She should continue to pay off the student loan at the current amortization," says Reed Fraasa, a CFP with Highland Financial in Riverdale. "After severe legislative cuts by Congress, plus the credit market deterioration, the federal student loan consolidation program is not an option."