Do you need a credit card to get through the recession? by Reno Charlton

For many people the current ongoing recession has come as something of a shock, as many people have not had to go through this type of recession before, and are therefore finding it difficult to adjust. For some people the answer to maintaining their lifestyle in the current financial climate is to use their credit cards to fund various purchases and spending, but of course this means getting even further into debt at a time when it is important to try and reduce debt due to economic uncertainty and for some even lack of job security.
However, it seems that we could all learn a thing or two from those that have been through recession before, as many of these people learned valuable lessons the first time around and are now better prepared to handle the recession without getting themselves into a financial mess. In fact, the results of a recent poll have shown that around two thirds of those that have been through recession before are not relying on credit cards to get them through.

These people have stated that they have tightened their belts and have stopped spending money that they do not have whilst the recession continues. They said that they have not, and do not plan to, rack up credit card debt to get them through the recession, and that they will therefore be able to avoid getting into further debt.

It is thought that around twenty eight percent of people have not gone through a recession before, and this is pretty much anyone in their mid-thirties and under. One industry official said: "Recession novices will be feeling the greatest shock and worrying about how to maintain their lifestyles while paying off debts, while those that have lived through it before will probably cope better, reverting to old methods of survival."

Of course, some people may find that they simply cannot manage without a credit card in the current climate, but if you do need to have a card to get you through the recession it is more important than ever to ensure that you have the right card, such as an interest free credit card where you can repay the balance within a set period of time without being hit with interest charges.



About the Author
Reno Charlton, award-winning writer, shares her financial expertise as a contributing columnist for Credit Card Comparison, where you can compare bad credit rating credit cards and compare instant decision credit cards.