In a world where credit is the life blood of our society how does one survive without it? Now that credit lines are being reduced or even closed how do you react? There are no easy answers, but there are some suggestions.
There is no doubt the first adjustment you have to make is your mind set.
If you are living on the "buy now pay later" system you may be heading for financial difficulties.
Why not prepare ahead of time before it gets to bad.
I won't bore you with all the budget talk, but you will have to know what condition your assets and liabilities are in and the sooner the better.
Use a debit card for purchases, it has the visa features and it's a good way to convert from credit to cash.
Allocate a fixed amount each week for expenses and slowly try to adjust your lifestyle to that budget.
Take the time to really consider the ramifications that can occur if you don't change and what you might lose or worse yet filling bankruptcy.
With a negative savings rate the past two years and the soft job market many families are not prepared for a cash system.
The day of reckoning for the housing market is definitely here, credit cards and other installment debt is right around the corner.
The quicker you can change to cash the better.
For some it's to late and the best thing to do in these cases is to get all the information you can.
This will prepare you when it comes time to make choices and making the right choice will be critical.
Financial problems creates emotional times and thinking clearly is a difficult task when this occurs.
So use this time and visit the Debt Hub for articles and ads that will prepare you for the future.
We have been lured in to a world of debt and credit, now is the time to take back control.
You have choices, making the right one is up to you.
Get informed.
RB