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Crumbling Credit Economy: What should YOU do?

By Deidre Shirley

Crumbling Credit Economy: What should YOU do?

Investing in the stock market is out of the question for most of us right now; I mean who can invest when the odds are it will continue to plummet. And who has the money to invest? Well, we have tips for regular old joes who want to know how to survive the impending recession (if it ever gets here, and most experts agree that it will).
Tips to get through a recession:

With interest rates recently cut by the feds, now is a great time to move credit from high-interest credit cards or car payments to low (0% - 5%) fixed rate credit cards or loans. This will get your debt paid off quicker.
Pay off debt. Don't go buy new shoes! Don't spend money unless it is on food storage or items that you'll need during a recession.
Get an emergency credit card. Don't spend ANY money on it. Get it, activate it, and put it in storage. Then when crisis's happen, you can use it to help you get through impending hard times. Again, hopefully you won't have to use it.

Why do some tips revolve around lowering debt, not spending (which is what the government is telling you to do)? Because with the dollar getting worth less each day, it will be harder to survive and you soon won't be able to even afford the minimums on all your monthly payments. So blowing money won't help your situation. Lowering those monthly payments will help you.

There are excellent deals out there for people with poor, fair, and average credit. No annual fees, 0% intro rates, and 5% fixed rate credit cards can be a great tool for you to lower your monthly payments.

Published: Wednesday 2nd of July 2008 08:31:48 PM

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