A bright side to this recession???

iVillage Member
Registered: 12-29-2008
A bright side to this recession???
14
Sat, 10-31-2009 - 1:55pm

I thought this was an interesting article/survey:


http://news.yahoo.com/s/nm/20091030/lf_nm_life/us_money_survey


I can't say I'm thrilled with this economy, but I do know that once I escape the jaws of debt, I intend to never return.

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iVillage Member
Registered: 10-01-2008
Mon, 11-02-2009 - 2:09pm

It made DH & I change our life style.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 05-21-2003
Mon, 11-02-2009 - 3:04pm

Well yeah, some people are very happy about the recession, it means lower prices and is great for those who have mastered the skill of living debt free, having a positive cash flow and saving each month to add to that huge nest egg.
My husband was laughing the other day and said "You know what, this recession can just go on." Our credit scores are excellent (over 800 for the both of us) and we do not have any debt, NONE. This enabled us to buy a brand new house in a buyers market and lock in an extremely low interest rate. Our pre-approval for the credit was a breeze. We paid of his car in less than a year and mine in less than 2 years (both brand new). This is just an example of what could be coming your way. We were hit hard during the last recession (right after September 11th, my hubby suddenly lost his job, we had nothing saved, we had no emergency funds, we were making minimum payments on everything, well, you get the picture...oh and we lost everything, on our own terms) and yes, a recession can teach you a few lessons and after you learned them, this will never happen again. We since have learned that basing things on two incomes, is not the way to go, having no emergency funds is flat out insane, having no 9 - 12 months of living expenses in the account will break your neck in no time and if I can only pay minimum balances, then I couldn't have the item in the first place. We even pushed it to the point of thinking "If I can't pay for it cash, then I can't have it" Meaning, I can't buy a 20 000 dollar car, if I do not have the money cash. (of course I take out car loan minus a downpayment, but if I can't back it up cash, then I can't have the car).

And nope, we are not making a huge income, it's quite average.

iVillage Member
Registered: 03-26-2003
Tue, 11-03-2009 - 2:06pm

I don't see myself returning to the spending levels I once "enjoyed."

 

iVillage Member
Registered: 10-01-2009
Tue, 11-03-2009 - 8:15pm

I don't wish the resession on anyone as many people here and around the world are suffering greatly...


For me...it has meant taking a look at my financial mistakes and trying to fix things...


I am thankful that my credit card rates are still low (thanks to the recession and my good payment history....


Duke

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