My neighbors both got laid off in the past few months.
My aunt might get laid off from the job she had for 30 years.
My mom thinks she wont have a job next year.
You already know about my dad.
So, all these people getting laid off are unable to sell their houses, refinance their cars or houses, forced to pay high costs for foods, and etc.
Some of you talk about saving money to be prepared...I will use myself as an example...while in college, my ex left me so I had to support myself thru college since I knew I wouldnt get a teaching job without my degree. During the 2 years of supporting myself on a part time job paying $10 an hour, I had to use my credit cards for gas and food cuz I had no cash which left me with heavy debt. Got my teaching job but it was contractual for the first two years so whenever we were off, I didnt get paid and had no health insurance so I got a 2nd full time job. Worked 2 full time jobs for 2 years, paid off most of my debt which was my primary focus..didnt save money. Got pregnant forcing me to quit the 2nd job, but my teaching job was finally permanment with benefits. My hubby and I had a rough start financially cuz the gas prices were starting to climb and the housing costs were so high here in MD so we moved into a dangerous neighborhood in a rental townhouse with a low rental fee. We were able to save money and we wanted to buy a house so we bought our house. All was fine..we were comfortable and continued to save then the economy and the American dollar went downhill..all of sudden, we werent able to save and started borrowing from our savings and now we are out of money in our savings and then things started happening...my truck broke down, the windows were in bad shape and couldnt stay closed, and etc...how we did pay for all that?...thru credit cards since we had no savings left. Now, all of sudden, we run out of money before each paycheck cuz everything is so expensive...diapers,foods, and etc.
That's practically how most people find themselves in trouble so that's why I disagree with many of you that the people are at fault for spending or not saving. Most people I know did everything right and now they are struggling and some of them end up with bankrupties or foreclosures.