This Is Having An Impact On All Kinds Of Credit

Category: Finance, Credit.

News reports now are full of the current credit crunch.

This is having an impact on all kinds of credit. Foreclosures are way, and housing prices, way up in some areas are dropping significantly. But for those of us with credit cards, this is a very good reminder of how carefully we should be using our credit. If it hasn t been a priority before or even if it has, do your best to get your debts paid down. There s a right and a wrong way to go about it. This will give you more flexibility and make you look better if you need credit for something later.

The short term impact for many has been that they have to cut spending because they don t even have access to more credit so they can spend more. Falling home prices can mean good deals when things get a bit better, and if you can continue to manage your credit well, you may be in a good position to take advantage. Many people have relied for years on credit to keep up lifestyles they couldn t maintain any other way. This is a time to learn about good spending habits, ones you should keep for a lifetime regardless of the economy. It becomes important to spend only on essential items. There are right and wrong reasons to use credit.

Even if home prices drop significantly, most people would not be able to save enough to buy a home out of their savings. Good reasons include buying a house. It would take an impractical number of years for most. Emergencies are another good reason to use credit. Doesn t mean you can t, but most won t have that kind of control. Sometimes there s just no other way you can get through the situation.

Using your credit card and paying it off monthly will help to show that you mean to have good credit. And of course, you should use a little credit just to keep your credit score healthy. The bad reasons are of course more fun. You NEED that big screen plasma or LCD television, right? There are the lifestyle reasons, such as keeping up on the latest technology. The new cell phone even though the old one works? Buying something fun isn t necessarily a bad thing, but particularly now with the credit situation so poor, it s best to not do so unless you can actually afford what you re buying.

The treadmill you ll use only as a place to hang your clothes? A little extra thought can cut out quite a number of purchases. There s no way to know which it is yet, but it s better to plan for the worse situation and be surprised by the better, than to assume the best and get slammed by the worst. Depending on who you ask, this may be an economic hiccup or it could be a much deeper downturn.

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