How Do You Survive The Financial Meltdown And Control Personal Debt?
Don’t count on the government bailout plan to solve the credit crunch, even when it is passed. The best move at this point is to begin limiting personal loans and credit card debt and avoid creating anymore. First, stop using the credit cards and building credit card debt. That was fine when things were going great, but with the credit crunch building needless debt is a bad move. Also, avoid any unnecessary personal loans. Gather everything from loans, credit cards, car loans and mortgage. File according to those that have lowest balance and start paying them off. When that one is paid, move to the next and so on. Car loans and mortgages will be the last paid. Avoid any needless purchases. Skip the HD television or the computer, this is no time to be purchasing large items on credit. Weed out that portfolio. Work with a financial advisor to solidify the portfolio, but insist on it being 10 percent commodities and some foreign investments.
