Tough Economy Forces Tough Life Choices

: Chris Lee Law Firm

  Filed under: Economy

economyAs we continue each day to battle a failing economy, many of us have begun thinking about what changes we could make to better our financial situation. Between second jobs and second mortgages falls decisions that have never been made as the result of economic pressure. Personal debt is at an all time high and salaries are at all time lows, leaving many people facing tough choices regarding their personal lives.

Just Say ‘”No” ?

To the surprise of many, decisions such as whether or not to get married, buy a house or have a family have become a major decision point, economically, for many. The average cost of a wedding is around $30,000, money that many families simply don’t  have. Gone are the days when the bride’s family paid the bill for the wedding and many young couples are finding themselves financially responsible for paying for their wedding. As a result, getting eloped or having a destination wedding is more popular now than ever before.

The housing market blues have been a reality for many families or young first time buyers for several years now. While many were able to get in when the first time homebuyer tax credit was in effect, many have since found buying in a sinking market practically impossible. Lending standards are stricter than ever and getting a mortgage is a challenge that many young people have found to be fruitless. The buying pattern these days is marked by 100 percent financed mortgages at accidentally low rates, a sign that the economy isn’t  looking out for the next generation’s interests.

The average age for starting a family has drastically increased over the last generation. Not only are people waiting longer to get married, but having kids is on the back burner for many young couples under the age of 30. One would think this choice reflects personal lifestyle, but many are reporting they do not have the financial resources to comfortably raise a child. With student loan debt topping $1 trillion graduates are having to work much harder to earn enough to make payments, let alone have enough income to support a growing family.

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