Well its official we are in a recession due to the amount of time our country has seen a loss in revenue for many companies. Also with un-employment being at 6.1% and banks still failing you can rest assure that there are going to be some drastic changes with credit requirements. In this article I wanted to discuss in detail how this will affect you and your family.
Your credit score
There has never been a more important time in history to manage your personal credit score than now. With current matters in our credit sector, banks will more than likely over compensate for what is going on. In other words they will get too strict on credit requirements.
For example:
• Higher credit score requirements
• Higher down payment requirement
• More savings in the bank requirement
• Less leniency on past credit issues
Savings
During the past there was lots of money flowing to cover any unexpected expenses. With the current economic situation most will not have that extra money. The reason is there are less overtime hours, no bonuses, and maybe not many raises around the corner. When a sector like real estate takes a dive it affects all other sectors of our economy. So with the increase in cost of goods sold we need to save more and cut back on spending. We need to have at least 6 months worth of income in the savings to survive a economic downturn like we are currently in. So my point being the ultimate goal here is to save your money.
Loss of Job
During times like these more and more people will loose there jobs. So you may find yourself in the market for a new job. Guess what companies are doing these days? They are checking your credit report to see how responsible or irresponsible you are. This is just another reason to stay on top of your credit and finances.
Theft
Obviously when times are bad some people go to desperate measures to keep afloat. Sometimes those measures are theft of your personal items and personal information. This is another reason to check your credit report to see if anyone has stolen your identity. It only takes a few mistakes and someone is out charging in your good name.
CreditScoreQuick.com
