Weathering A Credit Crisis Without Drowning
Topics: credit counseling
We all know the story; it’s on the news every night. The United States is sustaining a war on credit. Credit cards were first introduced in the 1950’s as a way for stores and companies to keep close relationships with their valuable customers.
By the 1980’s, credit cards were a widely used form of currency, allowing the general public to purchase things they may have not currently had the money for otherwise. Soon Americans began playing the stock market as well, entrusting their money in a thriving market that was a surefire way to make a quick return on their investments.
In the ’90s, we saw a huge boom in the real estate market, with banks offering low interest, no money down loans to people with less than perfect credit, and a home was soon a reality for many families across America.
Fast forward to present day. No longer are these options available anymore. With the recent economic downturn, banks failing and credit card companies in the red, most lending companies are wary of any type of lending, especially to those with less than perfect credit or insufficient collateral.
So what can be done to get through this credit crunch? You may owe more on your home than it’s currently worth. You may have credit cards that are maxed out and no way to pay them. You may have lost your job. The truth is, more people are in this situation than you’d imagine. Credit counseling can help, as will these easy, small behavioral changes that can help you get back on your feet.
Recognize that the money you have coming in is the only money that you have to work with. Use credit counseling to help you learn that you can no longer rely on credit cards and loans anymore. These methods of gaining money are just false senses of security, and can only dig you in farther.
Pay with cash. Cash is a valuable way for you to physically see the amount of money leaving your wallet. You may just find that you spend less when you can see it. When the cash is gone, it’s gone. Recognize that unless you have the funds, now may not be the best time to make large purchases, like cars or real estate on large loans. Banks will no longer give you that coveted no money down loan, and expect to come up with at least twenty percent of the home’s purchase price as a down payment.
The credit crunch is affecting us all, but using common sense and money smarts can help you weather it at painlessly as possible.
DebtGuru.com (www.debtguru.com) offers information on credit counseling. Art Gib is a freelance writer.
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