How to deal with rising prices?
The interest rates are up, your mortgage and credit card payments are rapidly rising, gasoline prices (and accordingly prices of everything else that you buy) have skyrocketed, home prices are falling, and economy has slowed down. Not many of us were prepared for such a quick change in the economic environment but there is hope to ride it out if you do not panic.
How to survive in a slow economy with rising cost of living?
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Figure out ways to cut back your gas consumption: combine trips to run errands, carpool, use public transportation, and explore options for telecommuting.
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Pay down debt, particularly if you have been consuming a heavy debt diet. You will see the impact right away. This is not a time to put money in a savings account – instead, pay your credit card debt.
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Refinance to a fixed rate mortgage. And make sure that you have enough money to make payments so that you do not have to sell in desperation – the housing market will recover in a year or two.
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Finally, cut back on luxuries. Good times will return and if you do these things, you will be ready to enjoy them.
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