How does the financial crisis affect me? I have heaps of credit card debt, no savings and do not own a home?

You may see the interest rate on your credit cards go up if you don't stay current. Also, if you currently don't own a home, the current credit crisis will make it more difficult to own one in the future if you decide to. How does the financial crisis affect me? I have heaps of credit card debt, no savings and do not own a home?You may be seeing the credit card companies either A) stop bothering with small debt or B) really start going after it.



aside from that...eh. I would recommend that you start saving.How does the financial crisis affect me? I have heaps of credit card debt, no savings and do not own a home?It will affect your Credit Cards.



Start paying them down as fast as you can.

That means make more than the minimum payment.



Chances are your Credit Card Companies are raising your interest rates and lowering your available line of credit at the same time.



Which means you will pay more in interest and it is very likely that one day you will find a letter in the mail from your Credit Card Companies informing you that your Limit has been lowered.

The card that used to have a $4000 limit now only has a $2000 limit and if you were near that limit then immediately they will find a good reason to charge you more in interest because you are close to maxing out the card and have become a higher credit risk.



Other than that... no problem... you don't own a house and you can't lose your savings to a bank failure since you don't have any.

(I am talking about savings that exceed $250,000 in an account...)



Please... do yourself a favor and cut up the credit cards and start reducing your credit card debt. You will be so much better off without the monthly payment to Visa and MasterCard that takes all of your extra money after you pay the rent and utilities...How does the financial crisis affect me? I have heaps of credit card debt, no savings and do not own a home?Congratulations.