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» Today's Economy

By China at 10:41 AM

The economy today is terrible. People are foreclosing on their homes and can't afford to feed their children. It is sad and something needs to be done about it. I feel like people are using credit more and more now (which is one of the reasons that we got into this mess in the first place) but they really have no other choice because less money is coming in (or for some people no money) and more and more money is going out. Of course people are supposed to have emergency funds for this right? Well even if they did, I am sure that they are spending a lot of it by now and those who don't, probably couldn't afford it because they were already in a tight situation before this all happened.

The problem is we need to have a big debt reduction. American families are climbing deeper and deeper into debt and it is really hard to fix since the economy is so bad and they need all of their extra money coming in. Debt settlement companies are here to help people but I feel like right now it is going to get a lot worse before it gets a lot better, especially since a lot of people are having to use credit cards to pay for basic necessities like groceries and even bills. Debt negotiation is something to be looked into though for families who need help. Talking to creditors or companies to reduce your interest rate or consolidate is something that really should be looked into.

The problem is that people who couldn't afford to put away extra money before this economic crisis certainly can't now and they are faller deeper and deeper into debt. And even the people that could afford it can't really afford to keep putting money away and they are using it up now. It really is a sad time right now, especially being the holidays and people getting laid off from their jobs at a time like this. People need to be making more money now to keep up with the increase of expenses, but instead they are making less or even no money at all. It is scary to think about this situation getting worse before it gets better, but that's all I keep hearing on the news or in finance class. So I guess saving all the money I can right now is my best (and probably only) bet.