Layoffs / Cut Hours

[Blueface]

Originally Posted by TripleF

Sales are reeeeeeeeeeeeeeal slow for me so I got a part time job at a cigar bar back around Labor Day. That's been holding us even with the water line.

What I don't like, is no one sems to be forecasting "a turn", only hoping "a turn" will happen.

Eliminate debt if you can.

Originally Posted by ChasDen

Good advice but bad for the economy

Paying off debt doesn't put money back into the economy, it puts it back into the hands of lenders who tightened the money lending.

Double edged sword that helps but also hurts.

Chas

Originally Posted by Tombstone

Think about yourself. Payoff all Debt. Who cares about how it effects the economy. Take care of yourself then worry about the economy.

Just be careful what debt you eliminate.
Any good analyst will tell you there are two kinds of debt.
One where they have you by the cojones and the ramifications can have you living in the streets. That would be your mortgage.
The other is one that the worse that can happen is your credit goes to the gutter but will someday recover and you don't have to go sleep in the streets. That would be credit cards.

If one can live debt free, that is awesome. Buy with cash and stimulate the economy that way. Don't buy what you can't pay right away.

However, if one should have to choose, pay your mortgage first, screw the credit cards.

DON'T refinance your home to pay off credit card debt and automobiles. NEVER do that. If you do, you have converted that credit card debt that they could not take your house away for into the debt of your home, which you can now lose. NEVER use equity in your home to pay bad debt. Always refinance your home ONLY to lower your mortgage, to help you pay the house off faster and reduce interest charges.

Simple rules I try to live by.