Recession Questions Answered
I found this chat transcript in the Dallas Morning News Personal Finance Section today. It’s a question and answer chat session all about preparing your finances for a downturn in the economy.
Last month I presented similar information in a post entitled, “12 Ways to Make Yourself Recession-Proof.” Never miss another article: subscribe to Prime Time Money today.
It should be noted that we are not currently in a recession. Also, I’m of the opinion that if we do reach recession status (2 quarters of negative growth) we will not be there for that long.
I’m confident in our ability to turn it around quickly. With that said, there are plenty of reasons to follow some of the advice provided in the Q&A. Here’s an excerpt from the chat:
“Todd Mark, vice president of education for Consumer Credit Counseling Service of Greater Dallas, answered reader questions about recession-proofing their finances during a Web chat on Tuesday, April 1.
JOSEZAMORA: As someone who is just starting to build up their credit, what would be the easiest and safest way start?
Todd Mark: Jose, if you have no credit and you are starting from scratch, get one credit card. If you can’t get a traditional one, get a secured card, where your credit line is based on an initial deposit you put down. Whichever card you get, use it once or a millions times each month, BUT ONLY charge what you will pay off on-time and in-full every month. If you have no discipline, you it once a month. Build a credit history that shows you only utilize the credit you need, and that you always make timely payments and, ideally, pay off in-full every month. After 6-9 months, your credit will start to improve, or sing if you started from scratch. If you started from the bottom, getting back from bankruptcy or foreclosure, it may take a while to rebuild into the 700′s, but that is where you want to be, and those are the behaviors that will get you there. “
Click here to visit the full chat transcript.
Do you have a question about your finances? Submit it using the comment box below.
Photo: by aturkus
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This site is publishing your articles verbatum
htp://businesspromt.net/2008/04/04/recession-proof-your-finances-q-amp-a/
My articles have also been scraped. I’ve filed a DMCA violation with adsense and google. Suggest you do the same.
Thanks, David. I get to it soon. I can’t stand these guys.
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