Consumer Law

What would you do if you lost your job?

By Sam Glover

What is your contingency plan if the worst were to happen? In the present economy, everyone needs a backup plan.

CNN has a story on Patricia Guerrero, a single mother of two living in Altadena, California. Until Februry, when she was laid off, Guerrero made $70,000 per year. That is a pretty good salary, but not enough with two children and a $2,500 per month, interest-only mortgage. A few weeks after she was laid off, Guerrero had burned through her savings and resorted to a food shelf to feed her family.

“It brought tears to my eyes, and I sat there and I cried. I was like, ‘This is really where I’m at?’ ” she told CNN. “I go ‘no way;’ [but] this is true. This is reality. This is the stuff you see on TV. It was hard. It was very hard.”

What should your backup plan be?

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Full post as published by Caveat Emptor on March 27, 2008 (boomark / email).