I know before I even start writing this that there will be people calling BS and not bother to follow-up on the information, but be that as it may, here we go. The economy is in horrible shape and despite all the ‘greatest economy ever’ garbage we’re being force fed, there are ominous signs if you know where to look. I was watching one of my favorite YouTube channels and they mentioned that some of the big banks are reducing and even cancelling credit lines to reduce their liability, in other words, they don’t want to get stuck if you belly up and don’t pay your bill. Have you actually looked at your credit card statements?
I took this advice to heart and guess what I found? Yup, the credit limit on my primary card had been reduced 3 times in as many months. The limit started at $32,000 (ridiculous I know) and now stands at $21,000 with no notice or explanation from the bank. We had no changes to our financial situation that would warrant a change. This reduction, because it affects my debt to available credit usage reduced my credit score. This wasn’t really a big deal for us, but I’m hearing stories of credit lines being cut to match the outstanding balance effectively maxing out that card or the credit line being cancelled altogether. Always have cash.
There are other issues going on in that industry that you may not have noticed: closing branches, reducing hours, no tellers, reduced withdrawal limits, the list goes on and on. They are cutting costs everywhere they can and forcing you to use their app or ATM as much as possible. Pay attention. You might want to use a small community or regional bank or credit union if possible as these ‘too big to fail’ banks are trying to avoid a liquidity crisis. These banks actually only have so much cash on hand and they are making it more and more difficult to withdraw larger amounts. Don’t believe me; go try to withdraw $5000 in cash. I wish you luck.
Have a stash of cash at home, some in your pocket and maybe a stash in your vehicle. You never know when that debit or credit card just won’t work.
Prepare now.
Prepper 365 
Excellent advice. Consider this also … do you really ‘need’ credit? As adults, I think it’s beneficial to balance ‘need’ and ‘want’. I have a relative who often, bless her heart, tests my patience. Why? She says she NEEDS this, that, or other thing when she actually means she wants it. She has no real ‘need’ of anything, she’s got a lovely life, if you know what I mean.
We don’t have credit cards and haven’t had for the last, probably, 15 years. We let our checking and savings grow simply by living a considered life – like preppers. You know you are going to need something so you keep back a little money and when it has grown, then you get that thing you need. I know the world is addicted to cell phones and busy families really do need them but you can go to Walmart (and probably other …) department stores and buy a nice cell phone for $42 that does everything the fancy ones do except dent your bank account. A pay as you go system is, I believe, cheaper than a ‘contract’ (I have to admit ignorance about this, I’ve never had cell phone contract) – but you understand where I’m going with this.
I do very much enjoy this blog and good, solid, common sense shared in it. Keep up the good work!
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You are right, so many really don’t understand the difference and think they always will have debt. Other than using the credit card for online shopping we are debt free.
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Greatest feeling in the world, isn’t it? I don’t owe. Amen!
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The apartment where I live only takes plastic payments through the internet. If a tenant wants to pay cash, we have to go to Kroger or Walmart with a special payment card to make a rent payment. Three months ago, fraudulent charges were made on debit card, forcing its cancellation and I had to wait a week for my new card. Unfortunately, that happened when rent was due! Yep, I had no way to pay rent because I had no cash on hand. Also, after three months, the bank still has not reimbursed me for the fraudulent charges and I’m starting to wonder if they intend to! This world is moving towards the digital dollar and imagine what will happen with no cash available! It will drastically affect the ability to buy and sell. The Bible explains all of this in detail. I’m holding on to my testimony of Jesus Christ.
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We had something similar happen with a debit card, so we only shop online with the Visa.
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Just wait for the bank bail ins. IE-everyone “donates” 2% of the money they have in the bank so the banks don’t g0 belly up from the housing mortgage default crisis.
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After everyone pays for food and rent there won’t be anything left. In the story of Joseph, in the Bible, the global government took a percentage from everyone’s earnings to keep the world economy prosperous. Jesus is coming back, He’s the only One who has a workable plan.
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Yes, they force you to become on ‘investor’ in the bank thanks to the Frank-Dodd disaster. It has happened elsewhere; it WILL happen here.
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I tried several years ago to withdraw $10,000 from our savings account for just this purpose, mad money. . You’d think I was robbing the bank the way they acted. They called over the manager and told me I need to give them time to come up with that amount. (Not like in the movies at all.) Based on their strange behavior, we transferred our accounts and closed out our IRAs but still haven’t tried to get cash in a large amount again. It was embarrassing as they are a bank. That’s their job to have a safe with cash in it.
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I’ve been told I have to schedule larger withdrawals at least a week in advance so they can order the cash, ridiculous. Now I keep some cash outside the system.
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Yea they dont keep that much cash in banks. Everything is ELECTRONIC nowdays.
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SO glad I dont use credit cards!
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Nobody will have money to invest anymore.
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