Bloggers, journalists, financial analysts, and your co-workers are all in agreement – the recession is pinching at the pursestrings of every industry and the wallets of everyone. Lucky for you, we’re keeping track of some worthy articles, advice, and analysis on how to survive the recession with your credit intact by cutting back and using credit wisely.

Economy

• GrandForksHerald warns you to beware of credit robo call pitches.
• U.S. Economy: Payroll Losses Slow, Jobless Rate Up; learn more at Bloomberg.com.
• Look out for SmartMoney’s Christmas in September? Sizing Up the Early Deals.
• U.S News reports Americans Downsize Home Improvement Projects: 5 Things to Know.
• Wall Street Journal pops the big question: Is This the End of Free Checking?

Credit Scores

• Wallet Pop asks what is a good credit score and how do you get—or keep—one?
• Consumers’ credit scores can fall when card issuers cut limits explains USA Today.

Credit Cards

• Credit Cards: Friend or Foe? the New York Times blogs.
• Credit.com tells us consumers cutting back on credit use.
• Reuters reports that U.S. credit card satisfaction down amid higher rates: poll.
• SmartMoney explains why card issuers face stricter ‘Loco Parentis’.
• Credit-card minimum payments rising says Tulsa World.

Debt

• Check out MSN Money’s 10 ways to thrive after the recession.
• RisMedia challenges you to take charge: is your credit and debt profile optimized?
• Examiner.com shares ways of reducing your personal consumer debt.
• Students borrow more than ever for college reports the Wall Street Journal.
• MintLife blogs Is Your Debt Making You Sick?
• FiveCentNickel.com talks about Debt Reduction: Penny Wise and Pound Foolish.

Credit Karma

• Learn how to win at the credit scoring game at CNNMoney.
• CNN Travel Companion shares some tips to fight your travel credit card dispute.
• AllanKintz blogs about good things and bad things about credit.
• How to read the new Credit Card Rules @ The Faster Times.

Forget the impeccable suit, the strong handshake, and the perfectly crafted resume—nowadays, your credit report has to be as sharp as your first impression if you want to pass that job interview with flying colors.

According to the Society for Human Resource Management, up to 50% of employers run credit checks on potential new hires. Initially, credit checks were used by financial service companies and the government as part of pre-screening for employment; however, the practice has spread across all sectors of industry and every rung of the corporate ladder.

The theory behind employers running credit checks assumes that how you manage your finances can predict your job performance and character. Employers primarily look at two key components: financial responsibility and financial stability. Companies survey your payment history, amount of debt, and other details of your credit report to judge how responsible you are with your personal finances. This glimpse into a potential employee’s past financial behavior is especially important to small businesses, where a single incident of employee fraud or on-going employee theft could be a significant risk to the business. Companies would also assess your financial stability through specific credit data like your level of debt, past issues of paying off credit cards, and even an incident or risk of bankruptcy.

There are rumblings on Capitol Hill that using credit checks to pre-screen possible employees is penalizing those attempting to work their way out of their financial troubles. Lawmakers are also looking to provide additional consumer protection as we know there are times when consumer’s financial health takes a turn for the worse for reasons beyond their control. The Equal Employment for All Act which would bar employers from using credit checks as part of pre-employment screening, unless it is necessary and relevant to the employment position. Currently, most state laws allow employers (with the applicant’s permission) to pull a candidate’s credit history and refuse to hire or deny a promotion based on the credit checks.

If you are one of the nation’s 14.5 million unemployed consumers and you are turning to your credit card for life support, a future employer may judge your ever-expanding credit as too great of a risk to hire. With the average job hunt lasting anywhere from six to twelve months, you need to be prepared when any job becomes available. Work to keep your financial resume intact by using a credit card regularly, responsibly, and always paying on-time, develop a repayment plan for any significant outstanding debts, and check your credit report for errors at AnnualCreditReport.com.

Like your resume and references, a credit check needs to be buttoned up before you walk in for that first interview. Don’t let bad credit stand in the way of your next job. For the time being, managing your credit may be the fine line between a new job and the unemployment line.

Are you prepared to handle a surprise disability or a serious illness, the loss of your job, a natural disaster, legal problems or some other financial industry? There are too many people out there that simply are not preparing themselves for the unexpected expenses that may be incurred over time, even those that are as minor as a home or vehicle repair. By planning ahead for financial emergencies you can significantly minimize the amount of stress that normally occurs when these types of emergencies rear their ugly heads.

There are a lot of different ways that you can plan ahead for financial emergencies. Many of these tactics are small and do not take a lot of time or money, but they have a grand impact on your financial readiness, should an emergency ever occur that requires you to tap into savings or other sources of financing.

>> One of the best defenses that you can possibly mount against emergencies is to acquire adequate insurance. You should take the time to check and see if you have the right amount of insurance for Life, Property, Disability and Long Term Care insurance for some much needed peace of mind.

>> You should take the time to prepare an emergency budget so that you can determine the minimum amount of income and the minimum amount of expenses that you would need should a financial crisis occur.

>> You should be aware of potential loan sources, or establish potential loan sources like personal lines of credit or home equity loans so that you can get the emergency funds that you need, when you need them, without worrying about whether or not you will be approved when there is no time to waste.

>> You should put together an emergency savings account fund, so that you always have easy access to savings account money that will help you get through an emergency when there is no other source for lending or financial aid. The more you have in savings, the more readily you will be able to weather the storm when a financial emergency occurs.

>> You should remember that good times do not last forever, and neither do bad times. By creating solid investments and building up your investment portfolio you can significantly reduce the need for a much larger emergency fund in the long run. By varying what different protections you have, you can create a much stronger protection plan, should a financial emergency ever occur.

>> You should take the time to completely and fully plan out your estate. This way, if you should happen to pass away unexpectedly the remainder of your family will remain financially secure even when they cannot count on your income to support them. A fully thought out financial estate plan should include where your assets should go, and should also include adequate life insurance so that your mortgage and other bills and debts can be paid without requiring your loved ones to struggle any harder than they have to in your absence.

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Right now there is a lot of talk about a recession. The financial buzzword that is out there this month is “Recession” and for good reason. It has become increasingly vital that as American citizens, we begin to understand how we can properly safeguard ourselves against the risk of a potential downturn in the economy. Obviously there are no real guarantees in life, but there are numerous healthy and advantageous steps that can be taken in order to mitigate your losses during any financial turbulence that should occur in the near future. Here are some steps that you can take to recession proof your life.

Clean your finances up.

It is time for you to get serious about your financial health. Look at your budget this month and start cleaning everything up. Decrease your debt slowly but surely, and work to find friendlier credit lines and ways to increase your cash savings and emergency fund savings. By reducing unnecessary expenses and increasing cash savings, you can safeguard against the occurrence of becoming financially strapped.

Focus on creating a financial plan.

If you have a plan, focus on it. If you do not have a plan, put together a one year, five year and ten year financial plan and tweak it over time to ensure that it is meeting your needs.

Make yourself invaluable in your profession.

If you become invaluable at work, it will be much harder for you to find yourself laid off during a recession. Some people are laid off without any warning, but if you can increase your role at work in any way, do so now and you may be spared.

Figure out a way to earn real money.

Can you further supplement your income in any way? If so, now is the time to start thinking long and hard about these opportunities. Consider obtaining a second job, or some other form of part time work that will allow you to increase your bottom line. This is the best way to prepare yourself for a recession, in case you have no idea where you’ll be when the economy takes a turn for the worst.

Think ahead and plan accordingly.

Above all, keep in mind that “this too, shall pass.” Think about the future and work on learning from the past. Think ahead and plan accordingly and you should have no difficulty overcoming the recession with the shirt still on your back. A recession does not automatically mean that your finances have to go south, but the more prepared you are, the better off you will find yourself when the waves die down and things go back to normal, so keep that in mind when recession proofing your life.

There is no way for you to completely and fully protect yourself from a dip in the growth of the economy, but there are plenty of ways to ensure your survival during this period with as little turbulence as possible.

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Whether you are tying the knot, purchasing your first home or just beginning a new career, all of these milestones are worth thinking long and hard about because they can have important impacts on your overall financial picture. As you approach each of these important financial milestones, it is vital that you take the time to consider just what financial consequences will exist for each situation. You can continue to make educated financial decisions, but you may find that you need to adjust your spending habits in order to reach the new goals in your life. Here are six of the most important financial milestones and what they may mean for your financial picture:

1 - Tying the Knot -

One of the most exciting times in your life is getting married. It is thrilling to begin the necessary planning and preparation for the wedding, and afterward you will begin your financial life coupled with someone new. Money is one of the most difficult concepts within a marriage, so it is vital that you address financial planning at the very beginning of your marriage if you want to tackle all the hard stuff first. This will help you and your spouse work toward the same goals through open communication and strong financial planning, which will allow your marriage to be prosperous and successful.

2 - Buying a Home -

Buying your very first home is another big and exciting time in your life. This is a very large decision to make and a commitment that you cannot easily get out of once it’s made. You will need to be sure that you are absolutely ready to purchase a new home before you do it. Additionally, you are going to need to have a firm understanding of the terms of your mortgage if you want to handle it correctly. You should absolutely have extra money set aside for the purpose of dealing with emergency home repairs and other potential disasters.

3 - Changing Careers -

After having been in the workforce for a few years, it may be time for a new career. Look for promotions within the company that you already work for, or look elsewhere to find benefits that are better, or a salary that is more lucrative. This is a vital step in your life and a real financial milestone.

4 - Buying a Car -

You may also eventually reach a point in your life where buying a new car is important. Cars are necessary in most cities. Make sure that you are properly preparing yourself for such a purpose. Pay cash when possible, or shop around for the best possible loan that you can obtain.

5 - Getting Out of Debt -

If you have any debt, you need to start working to get out of it as soon as you have properly settled down in the working world. Use your money wisely, and you can begin to accumulate true wealth once you have eliminated debt from your life.

6 - Investing Your Money -

Now you should begin to invest your money as wisely as possible. You are going to be solely responsible with the costs associated with retirement, so you absolutely must begin to plan now. If you want to live comfortably, you have to start saving as soon as possible and for as long as possible.

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