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Luckily my job is secure and allows my wife to stay home with our two boys. Although not recession proof, we are privately held and very careful with finances which is a good thing. Some existing and potential customers may be affected by a lack of credit but we feel these are delays vs outright denials.
On the home front, we usually live the same year in and year out. As someone else stated, gifts for children only this year for Christmas.
For those with existing CC debt/high interest rates, call the companies and insist on a lower rate. I did this a couple years ago and was granted a lower rate by 5%. Makes a huge difference when carrying a balance.
I know a few close friends very recently have done this and were granted lower rates also. If the front line operator denies, have them send you to where you can cancel the card outright (while mumbling to yourself holidays are approaching, etc.). They'll connect you to management and work out a lower rate as long as you keep the card active.
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