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May 15, 2006
Burdened by Credit Card Debt?
If you are burdened by credit card debt you must start seeking ways to pay that debt off as soon as possible. Signs of a recession are starting to appear. Last week stock markets throughout the world saw mass stock sell-offs. Investors are taking their money and running. Such a mass sell-off of stocks is an indicator of a looming recession. Not to mention a very weak US dollar which is another factor in foreign investors lacking confidence in the US economy – When confidence is gone, investment slows and ultimately this impacts profitability of US companies and in a nutshell this means jobs will be lost.
If you are not prepared this could prove to be your financial ruin – So start now, plan for the very near future. Begin looking at ways to get your credit cards paid off. Look for ways to get more money in your bank account.
To begin chipping away at your credit card debt you will need to evaluate your lifestyle and make some adjustments.
Here are some ideas that will get you started on your way to ridding yourself of your debt burden:
- Postpone vacation plans – Rather than take an expensive vacation consider “playing tourist in your town”
- Arrange carpools at work or take public transit
- Purchase generic brand groceries
- Turn a hobby into a profit center – Think about ways to take a hobby and turn it into a home-based hobby business.
- Ask family for help – Try approaching family members for interest free or low interest loans, consider offering to work for the loan.
If you start planning now you will be in an excellent position in the event of a recession and if a recession does not occur you will be glad you did it anyway!
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Comments
Just a personal and heart-felt "thank-you" for this posting.
I personally have been feeling like there is a recession coming but needed somebody else to legitimize this for me. I had been thinking about spending on some frivolous items but have re-considered as a result of reading this info.
Thanks again for your advice and tips. I look forward to reading more.
Posted by: Jeff Zalowsky | May 16, 2006 11:23 PM