Housing Prices May Crash - Part 9
Mortgage and the Middle Class
Many middle class families are suffering from the credit crunch. They are having to take on second jobs just to pay for their bills. Earnings of 30,000 a year are not keeping up with the basics.
Food, petrol, energy, and higher mortgages are all having a toll on the middle class. 70 percent or more have had to cut spending in order to survive. Cutbacks on eating out less, reducing pension contributions, and even having little fun or buying new clothes has happened in the middle class. A survey completed by Axa showed that 15 percent of the middle class have had to get a second job or a member of the house that is not working has had to look for work.
The stay at home mom thing is not working out as good as it has in the past for the middle class because they are not able to make as much. Those with second jobs are in about a 13 percent increase over the last two years. Meaning that the number of individuals needing a second job has jumped that much recently, and about 1.1 million men in the UK have second jobs to pay for the family’s needs.