At any given time in your life you may find yourself in a financial situation not of your making. The recent credit crisis in America is a prime example. It is a uniquely perfect storm to be sure, the kind of economic crisis that comes along once every 50 -100 years perhaps, but that doesn’t lesson the impact on your well being.
Economic hardships come and go, and are largely beyond our control as individuals but there are things we can do to prepare for such times. Severe economic downturns have some factors in common, and this current credit crisis is no different in this regard. Some effects we can expect include:
No more “Free Money”
It will become harder to get loans...