OT Unsecured debt...

[Jim Bronson]

Even those with cash in the bank and no consumer debt may want to carefully consider buying 'stuff' these days. Review the "what if" scenarios (What if I lose my job or my hours are cut?, What if I get sick and can't work for a long time?, What if a family member gets sick?, What if my benefits are cut?, etc.)

Credit cards should be viewed as a convenience or as an emergency source of funds. Like others have said, if you need a credit card to pay for 'stuff', you you can't afford it. Credit card companies are tightening their belts and the requirements for new cards will increase and some cards will be canceled.

The era of "I want it ALL and I want it NOW" has come to an end, and you can see proof in the real estate bankruptcy listings and the empty car lots.

[Ultrashovel]

Even those with cash in the bank and no consumer debt may want to carefully consider buying 'stuff' these days. Review the "what if" scenarios (What if I lose my job or my hours are cut?, What if I get sick and can't work for a long time?, What if a family member gets sick?, What if my benefits are cut?, etc.)

Credit cards should be viewed as a convenience or as an emergency source of funds. Like others have said, if you need a credit card to pay for 'stuff', you you can't afford it. Credit card companies are tightening their belts and the requirements for new cards will increase and some cards will be canceled.

The era of "I want it ALL and I want it NOW" has come to an end, and you can see proof in the real estate bankruptcy listings and the empty car lots. 

Good points. And I'd like to add that people should learn to separate their "wants" from their real "needs". Many people have credit cards burning a hole in their pocket. It almost seems that some folks consider credit cards to be like found money. That is, until the bills come in the mail. Then the reality sets in.

Many years ago, I learned how to save money. I started small, pocket change, a dollar here, a dollar there. I decided that I needed a rainy day fund. It adds up after a few years and becomes significant. If you have a hard time saving money, you need to sit down and start workng on that.




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[Memnar]

Ditto to the thread above :

just heard this report - The average savings a person has when they are 65?

Well they said their goal was $200,000.

Actual amount - $2800.