Coming Soon - The Baddest Recession Ever

We've all heard of the Great Depression. We've all lived through the Credit Crunch. And we've probably all sung the Bachman Turner Overdrive Song 'Baby you ain't seen nothing yet.'

So what have BTO and world finances got in common? Only that the next financial crisis will be the worst, baddest and toughest one to come our way in a looooong time.

Why am I so pessimistic? It's because I still see people have not learned the lessons from the recent Great Recession. Lessons such as income should be greater than outgoings, don't borrow short to pay long, don't think credit/store cards are the answer to make up for your monthly shortfall.

You see, I believe that the next financial tsunami is going to be as a result of people's over-reliance on credit cards. And if you thought the mortgage/sub-prime catastrophe was bad then as BTO sang....

It seems credit drives everything. From purchases of cars and even the gas to power them to online games where people subscribe via their credit cards. From flights to fiestas and all the way through groceries, hotels, internet purchases ...

The best money management resource I have found is written by Michel Bell and is called managing God's money. http://managinggodsmoney.com Check it out to see if there are any hints you can take to save yourself from the tears that will be shed in the days ahead as the world of credit collapses and leads ever closer to a new economic order, which may sound good but will ultimately lead to destruction.

How are you managing your use of credit?