Southfield (WWJ) -- The collapse of the credit markets and the volatility of the stock market have brought the U.S. economy to the brink of disaster. How will Michiganders weather the financial storm?
Wednesday, WWJ Newsradio 950 listeners logged on to WWJ.com to chat live with our panel of financial experts.
So, what's the best way to recover your credit after a short-sale or foreclosure?
"Thirty-five percent of your score is determined by payment history -- whether you make your payments on time," said Gibran Nicholas, Chairman of CMPS Institute. "Therefore, the key is to establish new credit and make your payments on time," he said.
Any reassuring words to pass along to metro Detroiters who are losing sleep over our nation's financial woes?
"The U.S. has always come through crisis even better than we were before, this too shall pass," said Nicholas.
Nicholas said he has faith in the Chairman of the Federal Reserve, "If anyone is qualified to help our country through this time it is [Ben] Bernanke. He's an expert on the Great Depression and what could have been done to avoid it," he said.
Mark Casebolt, Managing Principal of Casebolt Financial and Gibran Nicholas, had three suggestions for Michiganders struggling with financial decisions at this time: "Don't panic, reduce your risk, and contact a professional financial advisor ASAP," Casebolt said.
Our best options to reduce our risk? "Fewer stocks, fewer bonds, T-Bills or fixed annuities," he suggested.
On Oct. 18, join WWJ Newsradio 950 at the Vistatech Center at Schoolcraft College for a FREE financial seminar titled Michigan Money Summit - Managing Your Money In Difficult Times, hosted by WWJ and Fox 2's Business Reporter Murray Feldman. More info or register.
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Southfield (WWJ) -- The collapse of the credit markets and the volatility of the stock market have brought the U.S. economy to the brink of disaster. How will Michiganders weather the financial storm?
