Surviving a recession
Friday October 10, 2008
As the economic slowdown continues, many people are throwing the word recession around. If there is a significant decline in economic activity over a number of months, usually two quarters, a recession is declared. While the economy may pick up in the coming months, it might be a good idea to prepare for the worst.
Here are some tips to help you stay afloat:
- Pay off all your debts as quickly as you can. These include credit cards, store cards, and personal loans. Switch to banks that offer more affordable options if you need to.
- Consider balance transfer credit cards. Many of these have introductory periods that offer six months interest free.
- Be cautious about changing your variable home loan to a fixed rate home loan. Interest rates are dropping and may continue to do so.
- If you are considering a home loan, shop around. There are some great deals available with different banks, credit unions and building societies. Talk to a mortgage broker for more information.
- Pay off as much of your mortgage as you can.
- Be tough on your spending and try to stick to your budget.
Remember that even if a recession is declared, it's not the end of the world. Australia has gone through a number of recessions in the past century - and we're still here!
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