San Diego Law Today

Last year analysts started calling the economic tsunami a “mancession,” as in a recession that has a bigger impact on men than women because jobs in traditionally male-focused industries such as construction and manufacturing were among the hardest hit.

But as this article points out, the recession has hit men and women alike, coming down hardest on families and couples. When one paycheck in a two-paycheck home ceases to exist, many couples — perhaps almost all couples — will struggle. And combine the job loss with other challenges of the economy such as credit card changes and the drop in the housing market, and you’re definitely in trouble. Thus, this “mancession” left plenty of women in financial hardship as they had to struggle to pick up extra jobs to make ends meet.

Another recent analysis revealed that although there are signs that the jobs are coming back, only one in five of the people who have been unemployed for more than six months have recently found jobs. That means that many of the people who were laid off during the “mancession” are still living without an adequate income.

The key to keeping ahead of the debt and the accompanying stress is to be proactive about taking charge of your finances. No matter when you were laid off, you can still follow the guidelines I laid out in “Four Things to Do As Soon As You Lose Your Job.” And, as always, the very best advice if you get laid off or are having trouble paying the bills is to come in for a free consultation with a San Diego Bankruptcy Lawyer.

Tags: Bankruptcy, credit cards, Foreclosure, san diego unemployment

At our San Diego law firm, we focus on education. That’s why we’ve started reaching out in the community to help individuals understand their financial options and professionals understand the impact of bankruptcy on their clients.

Please feel free to contact our office at 619.295.3322 to inquire about a presentation for your organization, workplace, association, real estate group, banking group and more.

For more information about my recent speaking engagements, click here.

Finally, something that makes sense….

Banks have been making millions of dollars from consumers by simply covering small purchases made with an ATM card when there’s not enough money in the account, then charging big fees for doing so. That is why a little $4 latte can cost you $34 on your bank statement. You charged the $4 when your balance was almost zero, and the bank charged you another $30 to cover the balance.

Come this summer one bank, Bank of America, recently announced that it will no longer cover the price of the purchase if the money is not there. They will simply decline the purchase. Now that makes sense. It is too bad that the bank has to save the customer from themselves, but, in today’s economy, it is necessary.

In the future, I expect this to be a mandated practice for all banks. The only way an overdraft fee can be allowed would be at the election of the customer. I also think that the fees associated with the overdraft protection will be more costly to make up for the lost revenues.

Tags: bank fees, Bankruptcy myths