We’ve made it through another year! Most of us have been fortunate to escape the clutches of this financial crisis. However; we all have been touched by stories of someone (friends, family, and neighbors) who has experienced losses of one sort or another. Fortunately, we’re here, facing a New Year with hope and possibility. The stories of resilience that folks have shared with me are amazing. I am humbled by how our community has come together to help those in need. Yet, throughout 2009 we heard story after story of pay cuts, layoffs, downsizing, and foreclosures. Depending on who you listen to in the media, we are being told to either “hold on, things are about to turn around” or “things are going to get worse before they get better”. Both of these statements may be true, depending on your current financial situation. Luckily, each recession our country has ever faced has ended… “When” is the great unknown!
I realize that there is no one response that will apply to the financial challenges faced by many, but there are steps that each of us can take to get back on the road to financial stability.
- Know that you’re not alone – 14% of homeowners with a mortgage are either behind on their payments or in foreclosure; of those, 20% have missed at least two out of three payments.
- Identify your options – Oftentimes, when we find ourselves in these situations, it is difficult to think past the immediate and see what assistance may be available. There are multiple resources available for folks in need.
- Reset your financial picture – Now’s the time to take a long, hard look at what’s really important. Setting your priorities before you are forced to make a difficult decision will help you make the tough decisions going forward.
- Get back on the road to financial stability – Be patient with yourself and others – recovery won’t happen overnight, but it will happen with persistence and determination.
Rogue continues to be actively involved in finding ways to help folks weather the financial crisis. Our one purpose is to improve the financial fortunes of our members. I know I’ve mentioned this before, but I wanted to remind you about Rogue Solutions – a lending philosophy with a personalized approach to reducing monthly payments and restructuring debt. Our staff is ready to listen and take a thorough look at your individual situation to help find a solution for you and your family. We might not always be able to fix the problem, but you will leave with the information you need to identify your options. So, if you or someone you know is losing hope, running out of options, and looking for ways to reduce your payments, we may be able to help! We want you to keep the things you’ve worked so hard for!
I am confident that we have seen the worst of the economic crisis but our recovery will be slow. It will be quite some time before we see real job growth so it is imperative that we find ways to create jobs in Southern Oregon. In future posts, I will talk about how to identify your options and reset your financial picture if you are in the midst of financial turmoil. But, if you need help now, I encourage you to contact us so we can help you discover your options.
