Thursday, March 27, 2008

 

From $70K to food bank, one family's struggle

It is amazing how fast the American dream can turn sour. The article doesn't indicate how much Ms. Guerrero spent on things other than her $2,500.00 mortgage but with an income of $70k she much have other debts and very little savings to have burned through it all in 2 months. Unfortunately, she was probably living well above her means. Still it is hard not to fell sorry for her since she is likely to be one of the thousands of Americans who are losing their homes every month.

CNN has a series called America's Money: In their own words in which families discuss their hardships. Many of these people have lost jobs in housing or related fields plus credit card debt, student loans, or just the higher cost of food and fuel. Sure the evidence is anecdotal but the common problems of these families makes me believe that job loss is fairly widespread and over indebtedness will push into recession very soon if not sooner.

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