Recession. Economic crisis. The air is abuzz with these words, from the concerned whispers of colleagues and friends, to the speculation and predictions of the media. Who will sink? Who will swim? How bad is it? How long will it last? Although it came as a shock, the current economic crisis serves as a reminder of the oldest, most pervasive and predictable aspect of life itself: change. The only thing that is certain, is change. In our society, our attitude toward change is often of sticking our heads in the sand. We try to pretend that it doesn’t exist. We become rigid, seeking the illusory permanence of routine to make us feel safe, to feel in control. Many of us spend our lives dedicated to creating a stable environment; a solid career, a dependable spouse. But even the longest marriages can end in divorce, the largest fortunes in the world can dwindle down to nothing.
Read the rest of this entry »
‘Recommendations’ Category
Finding stability in times of crisis
Starting a credit history amid an economic crisis: 7 tips
In years past, a financial rite of passage for college students and young adults was to apply for a credit card and start to build a credit history. But in today’s rocky economy, those who seek credit for the first time are forced to think more creatively as lenders are becoming less liberal with issuing credit to riskier applicants.
“Right now, there is a lot going on in the credit card industry,” says Tanisha Warner, spokeswoman for Houston-based Consumer Credit Counseling Services. “Establishing a good credit history is important, but it is important for people to understand that things are different now and it might be a little harder to get traditional credit so they’ll have to go to explore some nontraditional routes.”
Read the rest of this entry »
Tax tips for an economic slump
The economy has many taxpayers wondering about special circumstances involving the loss of a job, home foreclosure and other pressing money matters. Here are answers to some common questions provided by the IRS.
TAX ISSUES
Q: What if I can’t pay my taxes?
A: Don’t panic. If you cannot pay the full amount of taxes you owe by April 15, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest. You also should contact the IRS to discuss your payment options at 1-800-829-1040. You may be granted a short-term extension to pay or an installment agreement. In some cases, the IRS may waive penalties, but will not excuse interest charges on unpaid tax bills.
Read the rest of this entry »
Credit Cards: Can They Be Beneficial During the Crisis?
Economic crisis is growing fast and many credit card holders are now anxious lest they should fall into a considerable credit card debt. A lot of consumers are noticed in maxing out their credit cards and one can hear about “evil” credit cards here and there. Should you really avoid using credit cards during the economic recession or you can find the best credit offer and enjoy it in spite of the crisis?
Actually all depends on your credit history and rating. If your credit is bad, it will really be difficult to get a plastic as many banks are cancelling bad credit card deals and choose customers highly captiously.
If your credit is not bad, you will also face some difficulty applying for a credit card but if you succeed, credit crunch problems might not bother you.
First of all because good credit cards deals have lower rates if compared to bad ones.
Secondly, they have a higher limit so it’s more difficult to max out your credit.
And finally, if you behave as a savvy cardholder, you’ll have a nice chance to improve your credit score.
After all, it’s up to you to decide, just keep in mind that credit cards cannot be only an evil but one of the best tools to survive crisis.
Read the rest of this entry »