Personal Finances Effects Due To Wall Street Crisis

Politicians, economists, columnists and bloggers have offered numerous stark predictions about how the current financial crisis and government bailout will affect average Americans. But the truth is that Wall
Street’s crisis, which kicked off September 15 with the fall of Lehman Brothers, Merrill Lynch and AIG, is already affecting Main Street. What does this mean to you? 8 Changes that will affect your personal finances:

Credit Card Limits Reduced
Student Loans Yanked
Money Market Mutual Funds Safer
More Incentives to Open Bank Accounts
Easier to Get a Loan With Good Credit
Harder to Get Loan if You Have Weak Credit
More Store Deals Ahead of a Weak Holiday
Investment Returns Are Down

So in essence and as they say, something good can always be taken out of a bad situation. For people who has good credit history, the fact that banks want to stay in business, is positive as one can even negotiate terms a little better. The bad news is that the banks will probably increase their interest rates as it will be less likely they will loan people with bad credit history. They will have to compensate it some other way.
If you decide to open accounts with rewards, remember banks don’t give money away, read the fine lines carefully.

If you don’t have any stocks, maybe now is the time to look for some real bargains. There are a lot of companies that got hammered due to the “domino” effect. There are some good ones, and if you think carefully, you might just come to the conclusion that it is safe, because after all, the FED and the Government is there to bail you out:)

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