How Bad Is It???

[Moses]

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.

[justplugit]

If you have credit cards you are not using, cancel them, as they also fall into play in your credit rating, seen as monies you could still tap.

It would be the best thing for everyone if we got back to the old adage-
-pay yourself first- by taking %10 out of your pay for saving,
wether it be 401-k, IRA or savings account before you get it in your hands.

I have heard setting your thermostat 1 or2 degrees lower can lower your heating bill upto 3%.

[striperman36]

Akami - the edge of the internet and the information highway caching king laid of 7 pct of their workforce worldwide today.

It's like the entire world has hit a speed bump

[Pete_G]

Originally Posted by justplugit

If you have credit cards you are not using, cancel them, as they also fall into play in your credit rating, seen as monies you could still tap.

I've always read the opposite (on the Internet, so who knows) that closing credit card accounts is bad for your credit score.