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If you are waiting for the stars to align for your next big break, don't bank on it. According to businesswoman and reality TV star Ann Kaplan Mulholland, there is no such thing as luck. "Luck is where preparedness finds and recognizes an opportunity," she told CNBC's My Biggest Lessons. "If you're not open, if you're not aware, you will not recognize when an opportunity comes in front of you," said Kaplan Mulholland. She added that there is also no such thing as bad luck.
Persons: Ann Kaplan Mulholland, CNBC's, Kaplan Mulholland
Average nationwide credit scores bottomed out at 686 during the housing crisis more than a decade ago, when there was a sharp increase in foreclosures. That left many households sitting on a stockpile of cash that enabled some cardholders to keep their credit card balances in check. Generally speaking, the higher your credit score, the better off you are when it comes to getting a loan. Already, the average credit card charges over 20%, a record high, but borrowers with lower credit scores pay even more. "It's difficult in this current economy not to have a good credit score," Kaplan said.
Persons: Ethan Dornhelm, FICO, Dornhelm, Ann Kaplan, Kaplan Organizations: Consumers, Finance Locations: Toronto, Canada
To boost your chances of surviving an economic downturn, here are my top 18 recession money rules:1. If a rate reduction isn't an option, consider transferring your debt to a lower interest rate card. During a recession, many people need to borrow money to get through difficult times — and that's okay. Although no job is completely safe during a recession, certain jobs like those in essential services offer more security. Don't panic — recessions don't last forever.
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