[CovertMillionaire]

Due to the economic situation around the world many people have experienced hard times. They are either living paycheck to paycheck or are currently behind on bills and need a fast way to make cash. There are even people that have been recently laid off from their jobs without a plan “B” to fall back on. According to CNNMoney.com “The percentage of those claiming that jobs are currently hard to get reached new high of 49.6%, while the number of consumers claiming that jobs are "plentiful" hit a new low at 3.4%.” And according to the expectation index of whether the situation will get better declined from 73.7 to 65.7 last month. And those expecting the job market to get better went from 18% to 16.3%. The economists predict that Christmas spending will be down and that consumers will not regain spending confidence until late spring of next year.

What does that mean to us? It means that things will only get worst and many people are comparing this to the great depression when people were borrowing money from the banks to invest in the stock market. When the stock market crashed they were not able to pay back the banks the money, which had a trickle down effect. Today since so many mortgages are going bad the banks have tightened their lending which is slowing down the economy. How has the economy affected you? Be honest!