Scary times

While it may have been obvious to plain folk like you and me, the government has so far yet to use the dreaded "R" word, but I think now, more than ever, it's about time we acknowledge the truth. I'm no economist, but come on people. I think after the last few weeks its clear that we're in a recession.

First the fed takes over Freddie Mac and Fannie Mae and the big headline news yesterday was about the government's $85 billion loan to insurance giant AIG.

I have mixed feelings about it and like many others, I'm not 100% sure what it means for our economy but I do think that it illustrates the financial crisis we're in.

That's why its so important for you to hang on to your jobs, save money and stop taking out loans. Now's not really a good time to buy a car or even open up a new credit card to get an iPod. If you can't afford it, don't buy it. If you've got extra money to spend, spend it on decreasing your debt.

Don't forget about your other options in the face of an emergency. It might seem obvious to use a credit card to take care of those rare emergencies but I think you should consider the options offered by Web sites like www.TitleAndPaydayLoans.com and www.PaycheckATM.com.

Don't believe the high interest rate myths you've probably heard about being associated with these services. It's bogus figures and if you do your research you'll find out that it's the credit card companies and banking institutions that have the higher interest rates and fees.

Payday and Title Loans are short term loans (30 days or less) that charge you a percentage of your fee or, in the case of Title Loans, use your vehicle as collateral. You must be employed to qualify and they don't care about your credit score. Contrary to what you may believe, nothing will happen to you if you follow the terms of the loan...which means...pay the dang loan back.

More information on that at www.WhichPayDayLoan.com and the CFSA.

I'm back on the search for a job today. Hopefully I'll start getting some phone calls next week. It's Thursday again which means the weekends almost here which means...yet another week without any luck on the job hunt.

Wish me luck!