Unemployment went up in NC for the month of August. Is this a sign of the future? Will the economy ever return to pre recession times? I'm not so sure that will ever happen. I've read and watched reports that claim that the unemployment rate is actually quite higher because many have simply given up looking for work and they've fallen off of the rolls.
Yesterday I read an online article that claims that next year is going to be very very bad for the US economy. Now maybe these people are just fear mongers or maybe they are stupid but I sure hope they are wrong. Knowing this makes me want to cut back more/spend less and save more.
Now let's assume this article is correct. Would you continue to put extra funds to pay off debt or pay the minimum and put the extra funds in savings? I'm leaning towards putting the extra in savings. I think the Dave Ramsey way is an excellent way of paying off debt however if you only have $1000 saved up and then BAM the bottom falls out from under you. Well that $1000 will not last very long. What do people do? What would you do?
Do you think the economy will get worst next year? Do you think it will get better? Are you in the position that no matter what the economy does.........you will be okay? If so you are indeed blessed and smart because you saved instead of spent when flush with funds. You delayed purchases until you had the cash to pay for them. You didn't buy the best most expensive cars/furniture or homes. In stead you put your common sense to work for you.
It's daunting to think it could get worse. I pray it doesn't.