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How has this economy effected you?

I spoke with three people today who are losing thier homes. I am so sad for them.

Answer Question
 
SusieD250

Asked by SusieD250 at 2:20 AM on Jul. 16, 2009 in Money & Work

Level 4 (40 Credits)
Answers (11)
  • I'm fortuanate to live in a state that it hasn't really affected. Tjhe state I live in is one of the few that are running on a surplus.My husband's job is secure as it gets, right now and I'm able to still stay at home.Our 401K's and stocks look pitiful, but we're young enough that they should recover.

    It's horrible how many people are in a rutt right now. It will be nice when everything gets back to normal.
    Anonymous

    Answer by Anonymous at 2:25 AM on Jul. 16, 2009

  • I am also in a state that is doing well. My towns unemployment is at 3.9 percent so well below the rest of the nation. Our home went up in value by 4 percent since last year. We still have jobs and things are going well here. Our stocks and 401k have gone down as well but we have been buying stocks really cheap. We did this last time things got bad and made a ton of money. This year is going to be our best year financially since both our incomes tripled when we both got promotions at work this year. I am so glad we live here and sold our home in Cali 3 years ago. We bought it for 150k 10 years ago sold it for 600 three years ago. It is only worth about 250k now. We would have been stuck had we not sold when we did. I feel for anyone in a really bad state like Cali.

    Anonymous

    Answer by Anonymous at 2:32 AM on Jul. 16, 2009

  • Our unemployment rate here is 14% and that only measures people who have actually received unemployment.
    SusieD250

    Answer by SusieD250 at 2:35 AM on Jul. 16, 2009

  • I cant find a job because nobody is hiring and the few that are, get thousands of applications. Fast food isnt even hiring! For the first time in my 24 years of life, I had to get on FS. Was denied unemployment and only my kids have medicaid. My dad is supposed to get a paycut soon and he was moved to a differant power plant because his is temporary closed. My mom's company isnt getting their yearly raises. They are both fine with that and feel lucky to still have jobs.
    ICPclwnLOV

    Answer by ICPclwnLOV at 2:57 AM on Jul. 16, 2009

  • DH used to work 20-40 hours of overtime/wk and that got cut out (yet they still expect him to work that much). About 3 mos after cutting out his overtime, they cut his pay by 25%. A few mos after that, they cut him back to 4 days/wk rather than 5. They kept it like that for 2 mos and now he is back up to 5 days/wk, but they are laying off people left and right and outsourcing the jobs to India and Argentina, where they pay the employees much less to do the same work and they don't have to pay taxes on the workers because they are not US citizens. His job now involves training people who will ultimately take his job. We don't know how much longer he will be employed with this co. We are living off of less than half of what we are used to. We are behind on our house payments, but our loan company will not work with us to modify our payments because we "make too much" yet our house payment alone is more than 50% of our income now
    PeaInMyPod

    Answer by PeaInMyPod at 3:15 AM on Jul. 16, 2009

  • my so is trying to get out of the army.... we will see how well this goes in a short while! I'm very nervous and so is he, but the deployment is too much to do over and over for our family!
    07lilmama1108

    Answer by 07lilmama1108 at 3:20 AM on Jul. 16, 2009

  • I live in the state highest in unemployment (15.7% in June). Since this all started we've lost 60% of our income and now it's getting cut again. We barely make our bills, our food budget is the only thing we can lower ($250/month for 7 people) and our bills keep going higher. There are no jobs, the fast food places aren't hiring and when they do there are hundreds of applicants. We own our home or else we'd have moved to a different state a LONG time ago...can't sell our home due to an over saturated market.

    Some friends of ours just lost their home last month; he's been unemployed since January and she has cancer and can't work.
    michiganmom116

    Answer by michiganmom116 at 6:07 AM on Jul. 16, 2009

  • I lost my job over a yr ago, our unemployment is at about 13%, only counting the people that are actually currently receiving unemployment. There are no jobs, anywhere, and when there is a job, there's literally thousands of people applying for it. I went to a job fair last week for a new nursing home that will be opening; they are hiring to fill 500 positions, they had over 7,000 applicants. I am currently on food stamps, and my kids get medicaid. I had some money in savings, and I get unemployment for now. I have learned to pinch and scrimp to make the money I have last as long as possible, but honestly, the food stamps and medicaid, combined with the fact that my parents pay the mortgage on my house, is the only thing keeping me afloat right now. If any of those 3 things changed, I'd have no choice but to give up my home.
    Anonymous

    Answer by Anonymous at 7:21 AM on Jul. 16, 2009

  • we had to move, but we are doing much better all around. better neighborhood, school, shopping and so on.
    jewjewbee

    Answer by jewjewbee at 7:40 AM on Jul. 16, 2009

  • We will not lose our home but we have lost $30,000 in income. I had to cancel 2 credit cards because they wanted to raise the rate to where i couldn't pay the note if I kept them. (probably a good thing) I am living as frugally as i ever have. We will survive but I don't care what people say, I don't think I should have to be adjusting my lifestyle because the government screwed up royaly and our new president wants everyone to be equal, equaly poor that is. It's terrible that people are losing their homes and whole lifestyles because of our corrupt governments handling of things they have no business in over the years.
    itsmesteph11

    Answer by itsmesteph11 at 12:06 PM on Jul. 16, 2009

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