Suze Orman's Recession Rescue Plan
Step 2: Stash Your Cash
PAGE 5
In today's economy, cash is king—and your credit could be shrinking daily.
Before this recession, credit cards could always be used in case of emergency. Now, Suze says credit card companies are making it more difficult for people to use their cards. Afraid people won't be paying their bills, Suze says companies are closing accounts with zero balances, reducing credit limits for those paying a little at a time and hiking up interest rates.
If your credit card is no longer available, what do you do if you lose your job and have no savings? "You will be in serious trouble," Suze says.
Step 2 continues »
Before this recession, credit cards could always be used in case of emergency. Now, Suze says credit card companies are making it more difficult for people to use their cards. Afraid people won't be paying their bills, Suze says companies are closing accounts with zero balances, reducing credit limits for those paying a little at a time and hiking up interest rates.
If your credit card is no longer available, what do you do if you lose your job and have no savings? "You will be in serious trouble," Suze says.
Step 2 continues »
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.
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