Being Citybroke is about perspective. It’s about seeing glitter in the gutter and a sense of humor when life is giving you everything you don’t exactly want and you’re hanging on for a dream that you sometimes can’t remember.
It’s not sales or survival - it’s an electronic letter from the trenches. It’s what suits who make $60K in at age 24 can’t even imagine. It’s Freedom. It’s Poverty. It’s Broken. It’s Beautiful.

Monday, November 3, 2008

Screw the Lender, They'll Screw You

We are starting to see a new crisis on the horizon, and this time it's credit cards. Not surprisingly, American's have been borrowing way too much money and making dumb purchases they can't afford and credit card companies are screwed. Now that people are losing their homes and jobs, they can't afford to pay that money back. Credit card companies are are freaking out, and we're gonig to see some changes in how they lend us money. Miss one payment and you might see your interest rate skyrocket. (Or, it might skyrocket for no reason at all.) You shouldn't shouldn't even be carrying a balance on your card. But, if you have a lot of debt you might want to think about transferring over to a card with o% APR. The prices for transferring debt might go up to, so do it while you can!

Your credit score is actually going to matter now
-- a lot. So now stuff like missing your payments or spending too close to your credit limit is a bit of a bigger deal. Wow, life isn't so fun when it starts getting serious.

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