May 22, 2010

Debts and Credits: Can We Manage them?

The world today is experiencing a great economic recession. There are low demands of products as consumers cut spending. Companies cut costs thereby closing some of their plant operations and laying off thousands of human workforce. In a time of great depression, people are finding every possible way to get through every day expenses and the cost of living. One way that most people adopt is through credits and debts. Most people tend to lend money from friends and apply loans on banks just to get what they need and want, thinking that they can repay them in a few months or years. One concrete way people use in times of need is the credit card. People around the world are using it to buy things either online or offline. However, as time goes by, debts and credits also climb up unnoticed. The next thing we might know is that our property will be confiscated for not paying our credits and debts.
In an effort to deal with debts and credits, a lot of business-minded people are writing and offering how-to guides and tips. Some even write their lessons from economic recession. Through web search at Yahoo! finance, I came across with step-by-step online resource in managing one's debts and credits and how to use credit wisely. To use credit intelligently, a certain article suggests to start by examining the terms of the card(s) we are currently using. If we think we may have too much credit card debt, let's begin to address it by honestly evaluating our spending habits.
On the other hand, another article by Tyrone of Millionaire Acts: The Journey to Financial Freedom at www.millionaireacts.com offers four lessons learned from economic recession. These include: 1) Save for the future; 2) Take advantage of stocks; 3) Take advantage of low value properties; and 4) Participate in bargain bazaars.
Either way, as long as we are vigilant and mindful enough of our debts and credits, we can manage to prevent them from mounting and controlling our life. We just have to work harder and smarter. We need to invest in something that is promising and worth living. We can only do this by helping each other to stay out of debts and credits.

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