Survival from credit crunch

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  1. JYOTI KOTHARI profile image60
    JYOTI KOTHARIposted 14 years ago

    There are some tips:

      1. Spend within the means.
      2. Reduce the number of credit cards.
      3.Instead of paying to all credit cards start closing one by one.
      4. Have a close look to the bills. Credit card companies charge heavily to the defaulters. They   even charge interest @ 10 to 15 times more than the federal rate.
      5. Save in both your good and bad times.

      Jyoti Kothari

    1. Reealjrd profile image60
      Reealjrdposted 14 years agoin reply to this

      Hello Jyoti

      You are correct the use of credit card might some times might give a huge loss to us. The credit cards must be used when required.

      1. credit2000 profile image59
        credit2000posted 14 years agoin reply to this

          Dear:JYOTI KOTHARI Am sorry but you  also wrong credit cards paid never has to be close hwo you credit score it is going to improve if you close your credit cards never close a credit line it going to be a good advise negociate with your creditors this it is a good time to negociating with your creditors.

    2. Anamika S profile image68
      Anamika Sposted 14 years agoin reply to this

      Excellent advice.

    3. ngureco profile image80
      ngurecoposted 14 years agoin reply to this

      Good tips you have here Jyoti Kothari. Saving your money in both good and bad times is easy and crucial.

      If you find yourself spending more than you are earning, then you are headed for big financial troubles ahead and you should do something about it now and not tomorrow.

      If you are earning more than you are spending, then there should be no reason why you shouldn’t continue spending and using your credit cards – enjoy life now because tomorrow might be too late. If we all stopped spending, this will only compound more the current credit crunch and even your money saved under the mattress will be in trouble.

  2. JYOTI KOTHARI profile image60
    JYOTI KOTHARIposted 14 years ago

    These are the suggestions based on expert advice and experience. The people follow. will be benefited.

  3. JYOTI KOTHARI profile image60
    JYOTI KOTHARIposted 14 years ago

    This is good advise to follow especially in this bad time.
    1.We may learn to save.
    2.  Control on our expenditure.
    3. Follow rich daddy's advice.
    4. beware of consumer culture.

       Jyoti kothari

  4. TravelMonkey profile image60
    TravelMonkeyposted 14 years ago

    don't use credit cards, cut them up. If you can't afford something then don't buy it - SIMPLE

    1. AEvans profile image74
      AEvansposted 14 years agoin reply to this

      Travel Monkey.
      I agree and hey you are on one of my hubs big_smile

  5. profile image0
    pgrundyposted 14 years ago

    It's good advice if you aren't already in trouble with credit cards. But most people are already in trouble with them.

    Also, 'spend within your means' isn't helpful if you have no means through job loss or poverty.

    Yes, don't get started with credit cards. Good advice for people who never got started with them. For everyone else, it's just judgmental. It's not helpful.

  6. profile image0
    Leta Sposted 14 years ago

    Yes, Pam--
    They hit up 18 year olds straight out of high school with credit card offers to get them hooked.  Another favorite (believe it or not) is recently bankrupted people.

    One thing I would say, is that, since my one ex was Georgian from the former USSR, I know that people from (for lack of a better term) less westernized, developed nations actually DO these things that Jyoti Kothari suggests.  I have never, never seen such a frugal person, and I come from a family of frugals (ie, my retired parents SAVED quite a bit of money off a combined SS income of $1200 per month).

    Of course, it always helps to be young, healthy and relatively poor, though, too.  And we were.  You don't have to spend when you don't need much.

  7. Kelly Mills profile image59
    Kelly Millsposted 14 years ago

    Nice advice Jyoti. These are really good rules to follow. smile

  8. Kelly Mills profile image59
    Kelly Millsposted 14 years ago

    Hello Jyoti,
    Do you know about student loans which are provided by the government. I listened that they have low interest rates. Do you know anything interesting about it then please share your information with me at

  9. JYOTI KOTHARI profile image60
    JYOTI KOTHARIposted 14 years ago

    Dear all,
    Most of the forum subscribers are agreed with the basic rules instead of some exceptions. There are exceptions in each and every field but golden rules are to be followed.
    If one has no means by job loss, credit card companies will also stop to provide them with money. Savings help.
    Jyoti Kothari

  10. JYOTI KOTHARI profile image60
    JYOTI KOTHARIposted 14 years ago

    If you are earning more than your expenses you need not to have credit cards!! This is the crunch. You can then buy cash.
    Jyoti Kothari

    1. ngureco profile image80
      ngurecoposted 14 years agoin reply to this

      It is very economical when you buy cash because you do not need to pay 10% interest to the credit cards' companies. But in some areas where there is lots of unemployments thugs may take by force all 100% of your cash money.

  11. ocbill profile image54
    ocbillposted 14 years ago

    Good points...whenever I do use the card I pay it off at months end.

  12. profile image57
    panah100posted 14 years ago

    Credit cards are all scams. Now if you are a business owner, I understand using it to finance your business on a short-term basis but always use debit cards if you can. Never spend the money you don't have.

  13. JYOTI KOTHARI profile image60
    JYOTI KOTHARIposted 14 years ago

    Using debit cards is a smart way. Even thugs are unable to snatch it from you.
    Jyoti Kothari

  14. britneydavidson profile image61
    britneydavidsonposted 14 years ago

    really great advice i am agree with you

  15. JYOTI KOTHARI profile image60
    JYOTI KOTHARIposted 14 years ago

    Thanks for complement.


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