While the popular network news stations would like you to think that the recovery is upon us, and therefore the foreclosures and bankruptcies were going to end… the fact is that foreclosures are still likely to be with us in record proportions for the next few years. Check out this article on reuters. It contains a few real nuggets of data that should at least make you think.
The most telling to me is that on average, there is another foreclosure filing in the US every 13 seconds. Yes that’s right… every 13 seconds.
Think about your personal finances. Think ahead of time about how you might be able to withstand a layoff or sudden decrease in income. Better to prepare and not need it, than to be unprepared if it does.