Don't Panic and start pulling your money out of the banks.
1. Make sure your savings are safe.
FDIC insured
NCUA insured
Money Market Accounts
Government Backed
2. Pay down credit
Eventually the credit limits will begin to shrink, interest rates will go up, so pay your credit cards as soon as possible.
Don't be late.
3. Get health and life insurance (only TERM insurance)
4. Continue to contribute to your retirement plan.
5. Stop spending what you can't afford. (This is a tough one cuz it's what our society does)
We can make it out of this!
1 comment:
Susie Orman has a lot of good advice when it comes to credit but she doesn't always give aggressive enough suggestions to folks who are really struggling. When you've messed it all up and need to start working with credit reports and collection agencies, there are techinques you can use to assert your rights that Susie Orman won't always talk about.
I'd just suggest people listen carefully to what she has to say but also know there are other ways to dig yourself out.
My two bits.
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