Time To Slash Some of Those Cards
Filed Under (Credit Cards Blog) by creditblogger on 28-01-2009
Credit card companies are hurting. Some analysts are predicting doom and gloom for many card issuers. Even strong companies such as Advanta may go out of business due to the amount of bad loans that they have on their portfolio. These companies are not going to bow out easily however. I have heard numerous accounts from folks who work for these companies. Interest rate hikes are coming. Sure. The introductory offer will still be something reasonable, but many consumers and small business owners have had their rates increased by 10 to 20%.
If you are in credit card debt, it is time to get out of it now. The best way to go is to stop spending the money that you don’t have. Sure. It’s tough. We all want to live great lives, but at the end of the day, dealing with creditors is just too much pain to take. By using prepaid credit cards or debit cards, you can make sure that you only spend money that you have. And it’s time to start monitoring and repairing your credit now.
The times are tough, but they’ll get even tougher if you keep spending the money you don’t have. Don’t spend money ahead of time (not many have stable jobs these days). And use prepaid credit cards when you can. It never hurts to be conservative, especially in these tough times.
