Money Struggles 2008
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Profiles of Everyday People
Meet people just like you and me and see how they are managing in today's struggling economy.
From the family fighting to keep one parent at home to the professional with no job in sight, everyday Americans tell their stories about how they are coping in today's hard economic times.
Click through our photo gallery and read excerpts of their stories written in their own words.
First Up: $5 for Milk -
Lynne Hernandez
Lynne Hernandez
Research scientist, 40, Hawaii
We live in one of the most expensive states in the country. Gas is $3.52 a gallon. Milk is over $5 a gallon. My husband is a stay-at-home dad.
I work in the biotech industry as a research scientist with a decent income, but it has become increasingly difficult to make ends meet.
We are now considering renting out our in-law unit or starting a home business so my husband can still stay at home.
Next: No Work in Sight -
Deborah Elston (Pic. Right)
Deborah Elston
Sales Support, 40, Chicago
In November 2007, I quit my $50,000 a year job at a mortgage company after years of unhappiness. I saved my money for months and planned to take some time off to reinvigorate myself.
I planned to fall back on work as an assistant for some extra cash as I had done many times before. I am signed up with five temp agencies and have hardly worked in two months. And the hourly pay rates have not gone up since I last temped eight years ago!
Next: $35K in Debt -
Ron MacQuarrie
Ron MacQuarrie
Surf teacher & retail clerk, 62, Calif.
I was a mortgage banker for about 20 years. When rates went up, it stopped my business cold. During that period, I ran up about $35,000 in debt, mostly credit card. It didn't seem like much at the time to try and sustain me through what I thought was a short downturn (which has since turned into long-term).
Then my son's house, which I co-signed for, went into foreclosure.
Next: Single Mom Struggles -
Lisa Oscar
Lisa Oscar
Truck driver, 41, Ariz.
Last August I moved from New Orleans to Kingman, Ariz. to live by my aging parents. I had a decent job in New Orleans but had been living in a Fema trailer for two years and had to move out of it for medical and other reasons.
I came to Arizona in August 2007. It's now February 2008 and I've gone through half of my savings. I am a truck driver and have been trying to find a job, but there are no jobs here or anywhere in this area for me.
Next: Fighting a Losing Battle -
Brandy Regan
Brandy Regan
Legal secretary, 34, Calif.
As a single mother of two children I have truly seen some tough times. Three years ago my first child passed away at the age of 2 to cancer. Then I had to file bankruptcy due to the medical bills reaching $5 million. Soon I was debt free and saved enough money to buy a home. Sadly, I was just told that I will not be able to refinance my loan since the value of my property has gone well below my loan amount. I have exhausted my savings will not be able to make my mortgage payments in the near future.
Next: Everything's on Hold -
Jonathan Siders
Jonathan Siders
Account executive, 27, Calif.
I have been in the mortgage banking industry ever since I graduated college in 2003. In February, I was notified that I had 60 days until I was formally let go by my bank. I have been looking for another similar position, but the market has become so tight that there are few out there. My wife has a stable job so we are okay financially, but we had been saving up to buy a house. We want to purchase a home and start a family, but everything is on hold until I get a job.
Next: Gas Puts Job at Risk -
Stephanie Amerpohl
Stephanie Amerpohl
Support provider, 29, Wis.
My full-time job is mentoring children and working with families in the community. It is getting to the point where I cannot afford to do my job. If I don't have enough money to fill my gas tank, I cannot work.
There have been days when I have had to cancel appointments due to lack of gas. I have worked fewer hours because I did not have enough gas. I have student loans that I cannot pay, because gas is a priority.
Next: $250 Commute -
Suzzanne Cromwell
Suzzanne Cromwell
Program coordinator, 39, Mass.
I work in Belmont, Mass., which is in the Cambridge area. I am in LOVE with what I do -- I work for Belmont's Council on Aging. Sadly, my husband and I were priced out of this community when we decided to buy our first home almost two years ago. We decided to move to Lowell, about 10 minutes shy of the New Hampshire border. Now, I will most likely need to leave my job due to the rising cost of gas. It costs me about $250 a month to commute to work.
Next: Putting on a Brave Face -
Aliza Garofolo
Aliza Garofolo
Office manager, 50, N.Y.
I was just let go from a job I held for nine years through downsizing. I got another position right away, but due to office politics, I was let go two months later. I just bought a co-op last year and am struggling to just cover my mortgage and maintenance, as well as food for my daughter and myself, on my part-time salary as a religious school teacher, unemployment and child support -- none of which is very much.
Next: Subprime Surprise -
RJ Hernandez
RJ Hernandez
VP business development,
27, Calif.
As a single, 27-year-old executive and first-time homeowner who got a subprime loan (which resets in 2010) and who got laid off from a project management job after three years to find himself now working for a subcontractor working for senior management, let me tell you -- these are strange days. I'm trying to figure out what I can do now to keep my home.
Next: Paycheck to Paycheck -
Terri Regar
Terri Regar
Sales coordinator, 41, Fla.
Gas is on average $3.25 a gallon here in North Florida. The prices at the grocery store are getting outrageous. My husband and I have a combined income to only place us in the lower middle class. We have five children between us and it is hard to live paycheck to paycheck.
Next: Collectors Call Daily -
Jessica Jelinski
Jessica Jelinski
Welder & student, 20, Wis.
My dad lost his job over a year ago because he was having frequent health problems. He cashed out his retirement to help us keep up on our bills, but his retirement is gone now. We are on the verge of losing our home to foreclosure and we have collectors calling us daily. My dad often has to go down to the phone company to try to convince them to keep our utilities on because we can't afford to pay the bill. We haven't had health insurance since my dad lost his job.
Next: A Financial Tightrope -
Stephanie Joy
More 'Money' Profiles
Like the average American families featured in this gallery so far, Stephanie Joy, pictured here wih her husband, Jason, sometimes feels as if she is walking a financial tightrope.
If you want to see her story and many others, check out all of the profiles CNNMoney has compiled here:
America's Money: In Their Own Words
Next: Six Ways to Pay Down Debt -
More on AOL:
How to Pay Down Debt
Sure, we all want to get out of debt. But once you've made that decision, and have unlocked a source of cash (big hurdles, to be sure), there is a question of just what is the best way to pay it off? That, depends on your goals.
Whether you are afraid of losing your home, are closing in on retirement or want to get a big loan in the near future, WalletPop shares 6 common reasons people want to reduce their debt load and the best strategy for each.
Six Smart Ways to Pay Down DebtMore in Money & Finance:
Today's Troubled Economy & You
Recent Comments
Ricky1530 07:00:22 AM May 24 2008
I wonder how long after Obama gets elected the media will remember they are reason hes there and will except the blame for all the screw ups he makes I will notttt vote for Obama nor will I cast a vote for MCcaine . but I will be here to say I told you so. just like I have done with idiot boy Bush. I didnt vote for him as well. sure wish we had more than idiots running for office I really didnt realize there were so many stupid people in America.
Mahabe218 11:26:20 AM May 20 2008
I have to wonder what kind of logic those who blame the democrats for the present recession (depression coming?) use. The loss of value in our money is one reason. The loss of manufacturing jobs to third world countries is another reason. The cost of the war in Iraq is a major reason. The cuts in taxes is another reason. You cannot have jobs if all the companies want is cheap labor. They will go where cheap labor exists. Even the Chines have begun moving production to countries where labor is cheap. You cannot run a war on borrowed money and expect your money to remain viable. You cannot run that war with only those fighting it making sacrifices. You cannot cut taxes and run a country on credit. The bill has come due! You cannot elect leaders who believe only that lower taxes creates wealth. How many of you have gotten wealthy in the past seven or so years, based on lower taxes? You cannot establish a energy policy secretly and then bemoan the fact that it is working.
In short, the Dem
DStone1683 02:50:30 AM Apr 14 2008
While it is understandable that some people may have had a legitimate reason to take out home equity loans, they are responsible for whatever happened thereafter. those who bought home that they could not afford (and it was INITIALLY cheaper than renting) do not deserve to be bailed out of thier financial problems. All of these people took financial risks and lost due to the irresponsibility of their actions in the long run. It is just unfortunate that the government is going to bail out the major financial isntitutions in order to "save the intergrity of the economic system". that is regrettable; but a realiity of maintaining the economy and preventing a total meltdown of our economic system. In the end, as usual, it is the individual citizen and taxpayers who are going to absorb these losses . . . I can't afford to subsidize those who overextended themselves financially. Let's not forget that "the governement" is really all of us taxpayers and voters . . . there isn't any "god-
ElectrikMotion 01:00:03 AM Apr 14 2008
Why isn't Angela Davis on the ballot? I would vote for her now
dasunx 11:03:12 PM Apr 13 2008
I am not sure how you can mention Hillary and God in the same post. Hillary is a lying scum bag. She would run over her mother to get elected. Obama will probably bury himself with his own words. In the general election I don't think a majority of the American voters will find either one electable
IMOON293 10:19:16 PM Apr 13 2008
I pray Hillary gets in office too obama continues to put his foot in his mouth every time he talks more than 5 minutes. Sometimes it does not take long for some people to show their TRUE color. Just ignorant. I'm not not a voter, but appauled at the comment he made at holding on to our Faith because we are bitter? bitter is not having Faith. There is nothing bitter my friend about JESUS. I put my Faith in Jesus because he's my Rock, Salvation, and not to mention MY GOD as to which he has offended. Despite the fact that whosoever wins office(praying Hillary) It's because of my FAITH that these things are just acts of American tradition.
I wonder how bitter of a person is he really, I'm thinking very. You have to be a bitter person to ride ONLY on your skintone as a reason to be voted in an office of great statue. He has yet to lay out a strategic plan of action for America. I've heard him speak about change. What type of change, because we can always change the decor in the white ho
IMOON293 10:03:19 PM Apr 13 2008
Hey,
With all this taken into consideration, do you guys think it would be fare of us to ask the government to front us with the funding and maybe the 1st month payment on purchasing a home? lol (smile)
IMOON293 10:01:10 PM Apr 13 2008
I've never quite understood that either, why some think that its its mandatory the government should bail them out of their bais mortgage. I do understand some situations. These too have obtained their homes some time ago. I truly don't understand how you could own a home for 20 years and now defaulted, unless you have refinanced against the equity. Which at this day and age people should be more aware. This is the 3rd world war and not counting the minor ones we fought. However, knowing the cost of inflation. it would have been smart knowing these things to sit on your investment and wait it out. Like someone else stated why is it necessary to drive a $60, 000 car? With all due respect, because I know people who rushed out and obtained mortgages just because they were being given. WE know when something sounds to good to be true it usually is. Knowing you can't really tell "smart" folks anything we pay for the mistakes we make. Most of these people did it for show, not for housing pur
