The Secret of the Grace Period
Have you ever
been late on a house payment? Boy, I have and was so grateful for
the mortgage companys grace period. If I miss my payment on
the first of the month, I have until the 15th to make my payment
without paying a penalty.
I love the
concept. Grace period. Its that little bit of time past a
deadline in which you arent punished for your forgetfulness,
foolishness, or empty wallet. You have a little more time to make
the payment, get the money together, or just gather your wits.
In a recent
interview with the Outback Doc, he made a passing comment that we
are living in a grace period. I couldnt agree more.
A Day of Reckoning is coming, but until then, we can prepare, prepare,
prepare and do our best to mitigate the impact that Day will have
on ourselves and our families. How do I know that day is coming?
Consider these stats:
2011, U.S. debt surpassed by 100% our GDP (Gross
Domestic Product) for the first time ever in history.
unemployment rate for young
people is downright depressing. Depending on where you live,
its more than 20% and in some places as high as 33%.
- The poverty
level in the suburbs
wake of the Great
Recession, poverty rolls are rising at a more rapid pace
in the suburbs than in cities or rural communities. Between
2000 and 2010, the number of suburban households below the
poverty line increased by 53 percent, compared to a 23 percent
increase in poor households in urban areas, according to a
Brookings Institution analysis of census data.
- The official
unemployment number in the U.S. hasnt been below 9%
since 2009, and unofficial numbers say it is now well over
15% since the official number relies on how many people are receiving
unemployment benefits. This
article states that most of those who are unemployed are no
longer eligible for benefits.
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© 2012 The