What if it’s not a recovery at all? What does this mean for the people of Sarnia?

by Joel Sandwith on September 2, 2011

The White House,  scrambling to shed some level of positive spin on things, today released a statement advising us all to expect slower growth in jobs that previously expected – good timing, since the US jobs report just came out and there was NO growth in jobs in the last month in America.   I can’t predict Canada’s results, which will be released next week, but I won’t be surprised if they are similar.

What does this mean for us?  For three years, we’ve been hearing about the recovery.  Do you feel recovered yet?  Many of the people I meet with in my bankruptcy office in Sarnia don’t feel that they’ve recovered.  Some have been out of work for long enough that both their severance and Employment Insurance benefits have run out.  Some have found jobs that pay a lower wage with lower benefits than before.  Most are struggling with debts.

So is it really a recovery?  We hope so, but we need to be prepared that this may be the new normal – less jobs, less pay, less benefits.  Perhaps it is time to re-learn how we manage money?  We need to stop the cycle of using credit to pay living expenses, and learn to live with what we have.

For many of the folks I’ve met with recently, they’ve had to struggle to keep everything going, paying rent or mortgages, utilities, insurances, groceries and gas.  Then on top of that, the line of credit, the consolidation loan payments, credit cards – sometimes one or two, more often six, ten credit cards.  Overdrafts, ‘payday’ loans.  The next best step for many of them is to get the debt under control – build a plan to become debt free, so that they live with less expense in their lives.

As I do in every blog, I invite you to call us if you are dealing with debts.  We can meet with you at no charge, and help you to come up with a PLAN to live a better financial life.  Call it your own, personal recovery plan.  Call 310-PLAN or 519-344-1058 today.

 

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