Advisors Say: "It's time to tighten"

POSTED: Friday, October 10, 2008 - 5:07pm

UPDATED: Wednesday, March 17, 2010 - 10:59am

TYLER - If you have credit cards, and use them monthly to pay bills, stop.

That's the advice from area financial advisors.

Stocks continue to fall, and advisors say chances are things will get worse before they get better.

Until things do improve, the experts say, pay your bills with as little credit as possible.

"This is time to contract," says Thomas C. Smith, Financial Planner at Bridge Wealth Management. "It's time to tighten the belt. It's time to live within your budget. It's time to not put things on credit cards, but to instead to live within the monthly cash that comes into the home."

Mr. Smith reminds that declines don't last forever, at least not statistically.

Thomas Smith is a Registered Representative and Investment Advisor Representative with Bridge Wealth Management and offers Securities and Investment Advisory Services through NFP Securities, Inc.

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