l Record numbers of home foreclosures
l Massive layoffs at top companies
l A major stock market crash that wipes out millions of 401K's and retirement accounts
l Record numbers of bankruptcies
If this devastating scenario happened to you, and your family are you prepared?
What can you do about the gasoline price increase?
Although, we can't change the prices ourselves, there is something you can do. Drive sensibly, aggressive driving (speeding, rapid acceleration and braking) wastes gas. Observe your speed limit, each vehicle reaches its optimal fuel economy at a different speed (or range of speeds), gas mileage usually decreases rapidly at speeds above 60 mph. Use over drive gears, when you use overdrive gearing, your car's engine speed goes down. This saves gas and reduces engine wear.
What can to do about Foreclosure?
When you purchased your home, chances are you took out a home loan and your lender took a security interest in the property. In the event that you cannot make your mortgage payments, this security interest gives your lender the right to foreclose--auction off your house and keep the proceeds in order to recover its investment. If your property cannot be sold for what is owed, a deficiency judgment could be pursued against you. Both a foreclosure and a deficiency judgment could seriously affect your ability to qualify for credit in the future. If you are facing this frightening situation there are options. Borrow money from a loved one, contact the lender to work out a deal, refinance your current loan, or sell your home. Don't get discouraged there other solutions!
Layoffs
The termination of employment of an employee or (more commonly) a group of employees for business reasons, such as the decision that certain positions are no longer necessary. Originally the term "layoff" referred specifically to a temporary interruption in work, as when factory work cyclically falls off. However, the term has long been applied also to the permanent elimination of positions as a cost-cutting measure (or for other reasons). In many U.S. states, workers who are laid off can file an unemployment claim and receive compensation. Depending on local or state laws, workers who leave voluntarily are generally ineligible to collect unemployment benefits. Although you may be tempted to get lazy DON'T, there are many ways to get back on your feet!
Stock Market
The rise of oil prices gave birth to a new industry... alternative energy! An industry forecasted to be worth over $1 trillion within 10 years. With the emergence of China and India, there is massive opportunities to profit from international markets and global stocks. There are great opportunities in undervalued stocks, such as, NASDAQ, OTCBB, and Pink Sheet Markets. Invest in penny stocks by buying them before they are heavily promoted and hyped up in price.
Bankruptcy
Is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. In most cases personal bankruptcy is initiated by the bankrupt individual. Bankruptcy is a legal process that discharges most debts, but has the disadvantage of making it more difficult for an individual to borrow in the future. To avoid the negative impacts of personal bankruptcy, individuals in debt have many bankruptcy alternatives.
In conclusion
Although, the recession is here with its many devastating situations: gasoline price increase, foreclosure, layoffs, stock market, and bankruptcy there ARE solutions. All you need is the right resources and information. Getting lazy and letting all life pass by is not one of them.
If you want to do something about it now visit http://www.johnnyforex.com/prepare-yourself-for-the-upcoming-recession/
Article Source: http://EzineArticles.com/?expert=Dorothy_Millado
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