A few years ago, all you needed to do was go to your bank manager and come out with a mortgage. Life was like a box of chocolates and they really tasted good. Property values were rising and Crammer was screaming “Buy, Buy,Buy !” on CNBC. Those were the good old days when fairy tales were the order of the day. How the world changes in just a few years.
The so called housing bubble may just have burst. Property values are dropping nationwide and more people are going into foreclosure than ever before. I had fallen into the trap of listening to investment gurus who had been claiming that the economy is strong enough to withstand the crisis in the property market since it was bigger than property. That was until may of this year when my wife sent me an article from the University of Florida. It was titled Gas prices, debt sink Florida consumer confidence to near all-time low . Here is an excerpt
The component measuring perceptions of personal finances now compared with a year ago remained at 59, its all-time low. Three of the index’s five other components dropped; perceptions of whether it is a good time to buy big-ticket items fell three points to 64; expectations about personal finances a year from now slipped one point to 78; and expectations about U.S. economic conditions over the next five years dipped one point to 71. The remaining component, perceptions of U.S. economic conditions over the next year inched up one point to 53.
For those who are not interested in finance jargon, it meant WE WERE IN TROUBLE!
For those who are thinking that debt consolidation is out of the question, think again. If you have credit card debt, this is the time to seek credit card debt help . Companies like Careone Credt are going to be increasingly important in order to help those that may go through a very difficult year in 2009. Every individuals situation is going to be different that is why you will need personalized financial advice. But get debt consolidation help if you need it. NOW.