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03-12-2009, 10:05 PM
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Half of Americans Are Just Two Paychecks Away from Serious Financial Hardship
The eroding labor market is expected to trigger additional pain for banks as job losses undercut consumers' ability to make their mortgage payments.
With unemployment on the march, Julia Rodgers, a mortgage advisor with the National Community Reinvestment Coalition, told me last week that homeowners should have at least three months of mortgage payments saved up to protect themselves from a job loss. But a recent study by MetLife indicates that consumers don't have nearly enough of a financial cushion to keep them afloat should a job loss occur... Half of Americans Are Two Paychecks Away from Hardship - The Home Front (usnews.com) 
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03-13-2009, 07:05 AM
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The other half might be 1 or 0 pay checks away. LOL
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03-13-2009, 09:45 AM
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Very scary and I think very true.
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03-13-2009, 10:48 AM
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I suspect the 2 paychecks thing may be somewhat exaggerated. The survey question asks how long would could you meet your financial obligations. I would infer that to be at your current spending rate. If I lost my job tomorrow I could quickly reduce or stop some expenses (eating out, entertainment, extra payment toward mortgage principal, college funding, etc.) until I got another job.
Still, the results are disturbing. 28% couldn't support themselves after 2 weeks of unemployment? Wow.
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