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Protect Your Credit Cards from the Credit Crunch

Protect Your Credit Cards from the Credit Crunch

The credit crunch is a time when a lot of different borrowing options you have can be facing turmoil. One of the major things that you need to protect at this time is credit cards. Your cards are so important, and the financial help they can lend to you is often times irreplaceable. Let’s go over some information and talk about how you can make sure the credit crunch does not play a role in your life. Now is not the time to get lazy, or sloppy with your borrowing. Fight through this period so when the crunch ends you will be able to come out on top. This is a goal that can very easily be achieved, if you want to work.

You Still Need the Original Terms

If you have continued to make payments on time, and you have not overdrawn your credit, there is no reason for you to be punished. You need to check and make sure that you still have the original terms on the card you were given. This includes the interest rate, the spending limit, and all the other features like grace period. Do not let them get away with changing all this information, especially if they do it without letting you know. You have continued to follow the rules, so punishment is not necessary. Do whatever you can to get them to restore the original terms. Your limit should not be messed with.

Stay Strong, Stay Consistent

The last thing you need to do during a crunch is worry the issuers. During this period your finances need to remain stable. Do not go out and make atypical purchases, or try to spend too much at one time. This will really draw attention to you and can result in a drop in credit limit. It is best to fly under the radar with your cards during times that are tough. The more consistent you stay, the better your relationship with the issuer will be. It is also a great way to be rewarded when the credit crunch has been lifted. Just because you have credit during the crunch does not mean you have to get crazy.

Take Early Action

If you realize that you might be missing a payment, you need to alert your issuer to this. This is something you need to do even if it is not a crunch, because it helps keep the collectors off your back. You are getting ahead of the potential problem and might be able to work out a payment plan. The good part about this is that, even though you might miss a payment, you are still trying to act responsible. Ignoring the problem is never a good thing, and can cause the debt troubles to hit you harder then you thought it would. Early action is always the best thing for you to do when financial troubles seem imminent.

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