Thursday, October 9, 2008

Help me please!

I know we are all tired of hearing about the "Bail out" and the financial crisis. People are saying that this is the market just correcting itself. When does it stop correcting itself? Is is able to correct itself without crashing? Is there an upside?
I know I shouldn't do it, but I have got myself worried sick. Let's say that the country does go into a depression. What happens then? Which bill do I stop paying first? We have a mortgage payment, we have credit debt. I mean, hypothetically, if more than fifty percent of people stop making mortgage payments, are they really going to have the resources to go in and kick all of these people out?
I am a planner. I plan everything. I like to know what is going to happen. I don't like surprises. I guess I have just worked myself into a frenzy. We have worked so hard for what we have, and if we lose it, I will be crushed. Our house, good credit, vehicles.
I've tried looking for some information to read on this subject. I want answers to my questions, but I really don't know who to ask in the first place.
Blah, I'm gonna puke.


Mary said...

The future of the economy is so scary. My family is in banking and I am so worried about what will happen to the business my grandfather started. I have confidence in the people running it, but there's only so much they can do when the economy is in the toilet. So, I'm right with you!

Carrie said...

I know, it's scary. It feels like chaos and we don't have much control. BUT, regardless of what you may hear, this is 1929 and we are not headed for "another" great depression. (We'd have to REALLY mess things up for that to happen.) If your job is safe and your mortgage rate is locked in, you're fine. You might not as easily obtain a loan for a car, home improvements, etc., but otherwise shouldn't be too impacted. Just focus on the essentials and paying down debt. Take a deep breath :)