How I Solved My Own Credit Crisis During This Recession?

The credit crisis was a ticking volcano which finally erupted,showering the world with high-speed avalanches of "hot ashes" and "rock fragments" which I refer to the fall of the major investment banks in US and also the CDS issue AIG faced.

The world Economy is already taking a 9G roller coast ride and predicting the future of how the economy market will rise back to its once colossal status seems grey. What the consumers can do is wait and delay all luxurious items, they intend to buy and many have turned to selling off their properties at slashed prices just to cover the paper loss incurred during the economy down-fall.

What could you have done to keep your own pocket free from unnecessary spending? If it was not for the economy down-fall, I would not have realised that each year, my credit card statement would have stated an amount of $260.40 which I could hardly recall spending under one receipt since I do not use that platinum card often.

I quickly called up the bank and queried on an unknown amount of $260.40 in-printed on my statement which I found it amusing and uncalled for. The customer officer said that it was an annual fee paid for the benefits and services provided by the bank and it was then, i remembered paying the same amount for the past two years already and incurred a loss of $620.80 unknowingly.

I wanted to cancel the card immediately which the customer officer asked whether i would keep the card if he waived the $260.40 charge. I did not know customer officers are empowered to waive charges off my credit cards instantly, no wonder retrenchment is so high for the management positions since they are not needed to make decisions. I took his offer but also marked a date on my organizer to be reminder that each year, I would have to use the same tactic to waive my annual fee charges off.

There are many methods in saving and scrimping during this crisis time and i am tagging on 10 bloggers to share their ideas, what they could do or have done to cut down on the spending during this bad times. If you have any great ideas, why not start your own tagging system and spread the words to your fellow co-bloggers on what they would do to save and cut down on unnecessary spending.

Random Post
10 Hottest Premium Magazine Wordpress Converted Blogger Themes
The Importance Of Asking Questions In Blogging
Unorthodox Way Of Manupilating Your Alexa Ranking
6 Reason How New Bloggers Can Succeed
15 Google Chrome Shortcuts to Save Your Time
30 Useful Wordpress Plugins Guaranteed To Create Blog Reactions
40 Effective Methods To Build Your Loyal Army of RSS Subscribers
10 Fabricated Premium Magazine Wordpress Themes
7 Effective Buying Methods To Generate Targeted Traffic
5 Linkbuilding Meme Methods Which Are No Longer In Popular Demand

26 Responses to "How I Solved My Own Credit Crisis During This Recession?"

Payday Loan Advocate says October 20, 2008 1:39 PM: It seems that even that great bastion of freedom and the ability to choose for one’s self, the Great American West, is no longer safe from the desire of the banking system to monopolize all financial matters of the American People. The Arizona Credit Union System is trying to lobby the payday loan industry out of existence. They are hoping that their e-mail blitz of up to (their estimates) 1.6 million people will convince enough people to shoot down Proposition 200. Proposition 200, supported by many people, including the Arizona Community Financial Services Association, will introduce reform to the payday loan industry, BY the payday loan industry, that will benefit consumers more than the industry itself, by lowering fees, do away with extensions by putting in flexible payment plans, regulate internet lending, and shore in the amount of actual store fronts in the state. This will not only benefit the customers of payday loan stores, but will also keep the industry alive past the legislated expiration date of the industry in 2010. Arizona can ill afford more unemployment in this troubled time for our economy.

Post Courtesy of Personal Money Store
Professional Blogging Team
Feed Back: 1-866-641-3406
Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
Blog: http://personalmoneystore.com/moneyblog/
Ghandi.M: That is one interesting way that i have never thought of saving my dollar because i simply do not care and leave it behind, since you mention, i guess i am calling my bank up to waive my fee.
Kerry Bill: That is a interesting post and a funny one, solving your own crisis with just saving that amount yearly.
Graham (PC Enclosure) Galalgher says October 21, 2008 11:56 PM: I paid 3 credit cards off today and each credit card company wanted me to take out insurance on my non exisitant debt!

Are these people really stupid?
Conny says October 22, 2008 6:42 PM: Omg i can't believe this. It is one more prove how much unprofessional are banks, and what are they actually doing to clients. They are obviously trying this method on all clients, and if it passed they are in big profits.. And i am sure it passes a lot of times.
Etienne Teo says October 22, 2008 9:11 PM: It is one of those marketing gimmicks to offer you a 2 years waiver and then annual fees paid during the third year onwards without realising it.
AdWords Agency says October 29, 2008 12:43 PM: i guess i am calling my bank up to waive my fee.
Online dating software says October 29, 2008 12:44 PM: This will not only benefit the customers of payday loan stores, but will also keep the industry alive past the legislated expiration date of the industry in 2010.
tracy says November 17, 2008 11:23 PM: I had a card all the sudden have a annual fee a few years ago. I told them I no longer wanted the card then and magically it was waived for me. People should talk to their credit companies more often they can get lower interest rates and most anything they want if they pay their bills and just ask.
hearing aid says November 22, 2008 4:14 PM: You may have solved your problem but the process is not working for me.
Japanese Bushido says December 9, 2008 11:13 AM: If you haven't spent any money on the credit card, why hold the credit card at all? Doesn't just holding a credit card hurt your credit rating?

-Jean
Tenerife Mortgages says January 5, 2009 6:59 AM: Most forms of payment protection insurance on credit cards are also a scam as is loan insurance. Cancel them all - odds are there will be some reason why the company wont pay out anyways or if you lose your job there will be a 3 month period before you can claim or some other such rubbish. I just started a claim to get back 4500 added to a 25000 loan my sister took out a couple of years ago. Upfront protection insurance - total scam!!!
daveman says March 6, 2009 10:38 PM: I recently came across your blog and found very valuble information.Keep it up!
Bad credit loan says March 13, 2009 8:38 PM: Controlling of bad credit is very good because it may affect in various way. I found most of the money lenders are checking the bad credit.Your post is very informative I hope your strategies for bad credit will work well.
Payday Loan Canada says March 18, 2009 3:09 AM: Presented in partnership with the Ad Council and created pro bono by Lowe Worldwide, the campaign is designed to encourage young adults ages 18 to 24 to take control of their credit. Radio spots and web content in English and Spanish demonstrate the consequences of developing bad credit at an early age, such as being declined future employment or denied a car loan. Every advertisement ends with the tag line, "Don't let your credit put you in a bad place."
BullRider says March 22, 2009 2:33 PM: We feel that its a good opportuniy for people with a long term view to start investing in markets with a view of 3-5 years... Share Tips
MCXTipsIndia says March 22, 2009 2:35 PM: Indian Commodities Tips markets are best
Roof Adelaide says May 27, 2009 5:46 AM: Honestly speaking I use credit card only those time when I knew that I will pay it in future. After using credit card I always put a side that much money virtually in my bank account so that I wont face any problem in repaying them.

And I think this is also a nice way and should be used by everyone.
Plumber Mosman says May 28, 2009 12:28 PM: If you do not know how to use credit card so that this wont bring you buurden instead of pleasure than I will advice you ... DO NOT USE THEM. As using will enahnce your burden can land you in serious trouble.
Free Banner Maker says June 3, 2009 4:28 AM: I wonder when will this recession will finally come to an end. Every moment we spend in this kind of crisis is sending us to a brink of nothingness when it comes to money.
Financial Services Outsourcing says June 3, 2009 6:22 PM: That is one interesting way that i have never thought of saving my money because i simply do not care and leave it behind, since you mention, i guess i am calling my bank up to waive my fee.
Flat Iron says June 16, 2009 1:25 AM: The crisis problem is a good way to learn the importance of savings!
Instant Approval Credit Cards says June 24, 2009 6:06 PM: pretty much interesting! thanks for sharing! cheers!
prepaid services says July 2, 2009 6:38 AM: Due to the recent economic crisis people have realized the importance of saving. The crisis stemmed from the fact that people where borrowing too much, spending too much, and not saving enough.
Finance Advisory Stop says July 4, 2009 7:18 PM: Let you be a motivator for everyon else during the recession!
Credit Dispute says July 7, 2009 9:47 PM: Take a close look at your expenses to see where you might be able to realize savings on your living costs. Simple cost cutting will put us in the right frame of mind to tackle our finances, free up surplus cash in order to build capital and fund our own personal growth.