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Is the recession good for your credit? |
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By Dr. Jennifer Baxt, DMFT, NCC, DCC
 Many people are wondering if the recession is something that is actually good for them or not. While many people have lost their jobs, there are also many people who have learned to cut back on their consumption, to put their credit cards away and to think before they get themselves into debt.
So, can the recession be good for your credit and your debt? Naturally if you go through foreclosure or bankruptcy, it is not good for your credit score but it can be good for you because it teaches you that you dont need to live with credit, that you can get by without it. It is a fresh start that allows you to begin building your credit back up and clearing away the debt that you were saddled with before.
In a recession, you are going to be saving your money and by saving your money you save on accumulating debt. Instead of walking into a store with a credit card like you may have done in years past, you are walking into a store |
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