Have you benefited from the recession in any way?
Have you benefited from the recessin in any way financially or otherwise. Were you able to buy real estate at low cost or buy investments that are now paying off
I think that it's been good for me personally to take stock of my financial life. To rethink credit, in my situation, quit using it- and take saving more seriously. I think we had been lulled into thinking that our economy was infallible, that we would never face anything like the Great depression again because we were so "beyond' that in our modern economy. This has been a reality check and an opportunity to do things the right way, delay immediate gratification, and look at what is truly important, in our own lives and in our country.
One of the main benefits is having lower monthly payments on my "home loan", the loan that I took before the crisis(don't know how to say it in proper english). Since the Euribor(European interest rate) is very low, the monthly payments are also lowering since the beginning of the crisis.
I was able to benefit in a few ways...First of all this era forced me to review expenses and loans. I have been able to recover over 400 a month by refinancing and dropping unnecessary things like the home telephone line (I use my cell 95% of the time). Good luck and I would be happy to share all the ways I cut on expenses...cheers
I think it has been a good opportunity for everyone to reassess their lives, work, their home, their family lives and their priorities.
Without low interest rates and stable house prices, people have not been tempted to overstretch themselves and borrow money that they cannot repay just because they feel "rich".
For myself I just feel lucky I have a stable job, small mortgage and no major borrowings, we can ride out the next 3 years and not worry about the bank or the credit card company.
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