Debt: Surviving The Recession
The Great Recession is winding down, but it doesn't mean things are looking any better. Millions of Americans are still out of work and the employment landscape doesn't look to be changing anytime soon. Even after the recession is over, it will still take many years for some people to overcome the damage done. In the meantime, people still have to get by. How are they doing so?
Cutting Back On Expenses
When money is scarce expenses have to be trimmed back. People are cutting down on everything from the cable bill, the car they drive and even how much they spend on Christmas gifts. The recession has forced many people to prioritize what they need from what they want.
Credit is harder to find, but credit usage is actually down. This is partially because credit is harder to get, but also because credit card deals are not worth it for the most part. Even if you can get rewards on your credit card, who wants to deal with more debt right now if they can help it?
Living With Friends Or Other People
When the bank has foreclosed on their homes, or when the rent is just too much to handle anymore, some folks have decided to live with friends, or even their parents. College graduates are staying home longer as well because even if they have jobs, living on their own is too expensive, or saving for a home requires staving off a rent payment.
Renting of double family homes is also on the rise. It has become a necessity to not only have someone to share housing costs with, but to potentially have someone to watch the kids while a parent is at work. If there is a tenant that knows how to do repairs, or paint a house, it can save money and stretch a
dollar that much further.
Looking For Work Has Become More Creative
To get a job in this economy, where 9.1 percent of Americans are unemployed, it takes a new level of stunning to get an interview. Some job applicants have gone so far as to turn their Facebook pages into resumes. Whatever it takes to make an employer notice you is where job hunters are willing to go. Networking has taken on a new importance as any contact could be the one that gets a job seeker a foot in the door.
The Employed Have More On Their Plates As Well
For those with a job, more is expected of them. With fewer employees on hand, the work gets divided between fewer and fewer workers. The boss still expects everything to get done and companies seem to be quite content with the money that is saved using fewer workers, but still getting the same productivity. Pay rates have also been affected as the employed cannot simply walk out the door knowing that their spot would be taken in a heartbeat and the old employee would be unemployed for months potentially.
The recession has caused many people to change their spending habits and do what it takes to make ends meet. Whether it is living with other people to share living costs, or cutting back on expenses as much as possible, there has been a major belt tightening across America lately.