More of us are
worried about our ability to pay rent and mortgage
November 15, 2010 According to the October 28,
2010 Washington Post article “Most Americans worry about ability
to pay mortgage or rent, poll finds”, worry about paying the
rent or mortgage is dramatically climbing. The Washington Post asked
this question “How concerned are you, if at all, about not having
enough money to pay your rent or mortgage?”. Look at how the
percentage that said “somewhat concerned” or “very concerned” has
changed over time: December 2008 – 37%,
February 2009 – 46%, October 2010 – 53%.
This quote from the article, Worry is twice as high among those
with household incomes of less than $30,000 as it is among those
with annual incomes of $75,000 or more. Fully 75 percent of African
Americans are concerned, including a majority, 55 percent, who are
"very concerned.", underscores the stress that has followed the
consistently poor economic news.
What the article did not give was a solution to the worry many
people are reporting. If half of all people surveyed are worried
about paying for their home now is the time to talk about options.
53% of us
are concerned about paying rent and mortgage.
If you are worried about not
being able to pay your rent or mortgage in the near future now is the time
to start creating options for yourself, before you are in over your head.
Put yourself in a stronger position by taking two steps. First, identify
and plan for threats. Secondly, evaluate your current assets and
When identifying potential threats to your financial well being, take the
time to deeply analyze your situation. Ask questions such as how stable is
your income, what larger expenses could be coming your way, and how is
your health. By identifying and planning for threats against your ability
to pay for home and living expenses you give yourself more time to react
and lessen the impact of financial problems on the horizon.
Next ask yourself how you can leverage your current situation in order to
safeguard your finances in the coming months. What do you have that can
either bring in more income or generate savings, either of which can be
set aside for home payments? Typically, walking through your home and
property with a notepad and pencil will give you many ideas. Here are
several ideas submitted by readers.
parking space on his property to neighbors who typically parked on
the street during the winter and had their cars buried in snow by
the passing snow plows.
Andrea and her husband decided to give each other one Christmas gift
– all their saved Christmas gift money into a home emergency fund.
Tim rented an apartment closer to work saving him $150.00 a month in
Bill refinanced and saved over $200.00 per month.
Ethal rents out her garage to a young mechanic for $250.00 a month
and sets the money aside for emergencies.
Marty stated that buying a home the same size as his 2 bedroom
apartment saved him $200.00 per month on rent and the home was in