The Global Financial Crisis Affects Everyone
11 Oct
Are you affected by the recent financial crisis? In Island they provide crisis center to it’s citizen who were affected by the recent financial crisis where they provide psychological help. Everyday you just hear about several banks that goes bankrupt or taken over by other financial institution or by the state. The stocks market knows only one way that is DOWN . Many states tried to provide help package like in the USA’s 700 B US$ whewww! but it did not dampen the investor they want to cash out.
In ordinary life the big loser are those who bought their properties with flexible loans especially now that the price of properties are also on the way DOWN because now the interest rates is 5%. I have some friends who purchased new apartments and while their old apartments are not yet sold so they are paying 2 mortgages whiles their values is going DOWN.
Some people always looks us in different way we just live in a rented apartment. The trend here is that you move to bigger apartment when you have children and sometimes it also cross my mind but now I happy that we did not tried to invest in one. I have some friends mostly pinoy who fall to this credit thing because it was very easy to ask for credit especially in the shops but they don’t look at the rate and their household finances in the future. I think because in the Philippines it is so hard own a credit card even you declare your true income they will not approve you while here you gets a lot of offer that sometimes you get irritated. Here you can open an account without any money just your personal register no. while in the Philippines you are required to opening amount and maintain or else they will deduct your account every month.
Luckily for us we don’t own properties and we don’t owe anything but still the uncertainty is there it is more expensive to borrow money when we have the need for it and the risk of losing job. Anyway there is an insurance when you lose your job but still you can not live the life you wanted.
Ohh maybe we are directly affected because my son have some shares of stocks in a bank where I keep his savings but now it’s less than half its worth when I first bought it tsk.tsk.
But the Filipinos have been through a lot of crisis and they still survived remember the 1998 Asian crisis I was affected by it since i was in the construction industry. We still managed to smile and say that’s life we never heard of psychologist.
But I just hope that soon this crisis will be over .
How about you? are you affected in someways?
we are all affected!!! Like a plague! My hubby lost his job due to the bad economy, our gas prices are skyrocketing up then down like a bad yo-yo diet! Maybe we should just all move to the remote jungle! lol!
@Maricris
I’m sorry to hear about your husband. It’s true all of us even those who thinks their job or business is indispensable but it’s really scary. It’s like everybody is wearing a heavy halo over their heads that it’s about to fall any minute.
My husband works in the airline industry that and it’s so unstable he may end up jobless any day.
Lucky for us here we have unions and insurance that we receive something when we are out of job but there’s a lot of conditions nowadays.
Luckily I’m a student so I still have my stipends but like othe students who don’t have bf or husbands to share expenses I just manage to eat pasta with ketchup never heard of it it taste sweet.
It’s big test for filipinamoms how to run the household with meager incomes. If we can’t we just we can also toyo na lang opps its expensive here pala. Maybe move to the jungle na lang.
At the time of financial crises we need to come together united and try to resove the prroblems which are responsible to such a hazard. We need to overcome it. IT is meant to bring calm to the population and markets and display government strength and stability.