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Banks may be using social networking sites to determine whether to extend, take or deny you credit. If you have these social networking sites you use often, you may actually be doing more damage to your credit.

Managers and coworkers may also be using these sites to determine “problem” workers. In these hard economic times you have to defend yourself from every possible angle, especially when it comes to your credit and livelihood.

If you blog, or post on Facebook, or “tweet” about how hard you were hit in the economy, or how hard bills are to pay, you may be damaging your potential credit. Lenders will determine you’re a high risk and decide not to lend you money. It’s been found that banks are accessing Facebook profiles, and actually reading posts and blogs about people having trouble paying bills. If you’re seen as a high risk borrower, you’ll have higher interest rates than someone with good credit – or it’s very possible that the lender will turn you down for credit completely.

Managers and coworkers may also be on your “friends” list. The significance is that you may be fired for posting negative things about your job on these social networking sites. Most jobs now require you to sign a kind of privacy clause that prevents you from saying anything sensitive to your job on any social site. This is because competitors could use this information against your job; or because it looks poorly on the business to potential consumers who may be reading what you write. To avoid losing your job because you accidentally let secrets slip, or because you bad mouthed a co worker or manager, be smart and don’t use your social networking site to complain about your job.

If you are a manager or owner of a business you should also think about using your social networking site. It’s nice to have one as a business owner because it’s like having a free website with no maintenance, that can be exposed to millions. However, your competitors are using them too, so just keep mum about any problems you are having, as the expression goes, don’t give ammo to your competitors.

In this economy it’s important to consider every aspect that may threaten your livelihood. Too much hangs on what you say on your social networking sites. Avoid blogging about bills, or co workers and managers and rest assured you are safer. Another tip is to keep whatever you say about your work life or financial life as broad as possible, and keep everything anonymous. Keep your social networking sites, play games and chat, just keep in mind that people that affect your financial future may be listening too.