Personal Debt And Life n the 21st Century
As we continue into the 21st century, there is little change in the amount of personal debt that affects consumers. With credit card use on the rise, and
more people buying new cars at high prices, it's affecting the disposable income that people have to spend on other things, including necessities such
as heat, gasoline, housing, and food. This is especially difficult for retirees who took on so much debt when they had a good income that it is hurting
them immensely trying to live on half of what they brought home when they were working.
The answers are difficult to rationalize, but basically for the retired, it means learning to pre-plan more than they have in the past. It is more important
than ever for those on a fixed income to plan to have all of their debts eliminated before they stop working in order to be able to live comfortably, or at
least live without struggling, when they retire. For many people, personal debt prevents them from having the luxury to retire. What about those who
are forced to retire or whose jobs are eliminated? This is another problem with today's economy as more and more companies attempt to save money
by doing the same amount of work with less people.
Many businesses are closing their doors because they can no longer make a profit in the 21st century. Some are moving overseas where they can
utilize cheaper labor, and others are minimizing locations and consolidating operations. Instead of having a full staff, they are hiring contract workers to
make up for the shortage so that they don't have to pay benefits. Many are hiring two part-timers to do what one full-timer can do in order to avoid
paying benefits and the higher wages that a full-time employee commands. Although this sounds unfair, it is something many businesses are doing to
protect themselves financially.
With the personal debt and the reduced wages that workers today are realizing, it makes it difficult for the average worker to think of eliminating
personal debt. In fact, ma