The Blonde Diaries

During the preparation phase of Hurricane Ike, our elected officials made sure to get on the television, radio, and internet to spread the word to Texans to go out and buy the basic necessities we would need to get through the hurricane so that we could “hunker down” in our homes and stay safe. I have to admit I thought the phrase “hunker down” was a tad overused but it was a nice “Texan” word to use to get the point across that we needed to be prepared and ready.

The same thing could be said about making it through the current economic crisis. Companies have begun getting ready to weather the crisis by cutting extras and unnecessary expenses (our Christmas party was cancelled) while others are not replacing those who quit or retire. One thing that people aren’t talking about too much is how we as consumers should start “hunkering down” and getting ready. One way is to get our credit in order – pay down balances and loans when we can, don’t take out loans or rack up debt that we don’t need right now, and secure lines of credit (credit cards) now while things are still ok for emergency purposes. If you are looking/in the market for a new credit card make sure you do some research so that you are considering the best credit card offers out there. Make sure to check things like interest rates (aka APRs, financing) and annual fees associated with the cards. Also, when possible try and choose one that allows you to get something in return such as rewards. Might as well earn something extra for normal purchases.

Tags: credit cards, economic crisis, finance