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Let me give you an example, today I visited our head office in Kitchener, it's located in a small plaza just north of the Kitchener downtown. In this plaza there is ground floor retail business, a small grocer, a convenience store, a payday loaner ( that no one should ever use, but that is another story ) and across the plaza a well known coffee and donut shop. Well it used to be a well known coffee and donut shop. The windows are all papered and the familiar sign gone.. just the light coloured outline remains.
The jobs in such places are considered workplace entry or exit level jobs, the place where teenagers start at their first job or seniors work to supplement fixed income. Often moms who have limited hours to work due to child care responsibilities also work at entry level jobs in places like this well known coffee shop.
What happened? Why did this, from all accounts popular and well traveled location close? What factors resulted in likely 20 or so people ending up unemployed?
Likely we can chalk it up to "Economic Downturn" . When unemployment strikes a community as it has most communities in Ontario during this recession it effects everything. Factory workers laid off , no longer stop off at the coffee shop on the way to work. Contractors formerly stopping in to buy 15 coffees and dozens of donuts for their busy crews are idle, sitting at home or running with reduced or no crews. Loss of jobs or even reduction in hours and overtime in well paying jobs will result in the loss of jobs at the lower end as people dig in and spend less on things like coffee and donuts.
Recessions come from time to time, some are deep and far reaching like the one that we are experiencing . Its like the turning of the seasons. Every year come the fall we get ready for winter because we know its coming. We should do the same as much as we can with our finances, savings, a contingency fund, and making certain that we are not over-extended with borrowed money will all contribute to being able to make it through the financial winter of a recession.
If you have be caught by the economic downturn and you find yourself in a position that your preparations to survive have not been sufficient you may need some help. No one can predict how long or how deep a recession is going to be. I'll bet that the people who used to work at the coffee shop I mentioned above felt pretty secure about their jobs right up to the point that they dissappeared.
If you are struggling, call us we can help you make it through, you may just need a little direction, or you may need to make a proposal to your creditors, in some cases bankruptcy may make sense for you. We can help you to make the decision that is right for you.
Call 310-PLAN and lets get started.
posted by Brian McIlmoyle @ 3:32 PM
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