Who Else Will File Bankruptcy in 2009?

With the large stores that seemed financially stable and have been around since I was a kid at least going out of business in 2008, such as Bombay Co, where I took advantage of a few closing sale items myself in the one up the road that closed months ago, and Linens and Things, which also seemed to be stable, one wonders what other businesses will have to close their doors in 2009, as the recession deepens and the economy puts more of a strain on consumers to keep their money and not spend on discretionary items.

Most analysts are saying they believe 2009 will be an even worse year as far as layoffs, store closings, and potentially even more industries saying they need help or need to close their doors, which of course doesn’t feel too good to most of us, like me, who were hoping for a quick recovery. Heck, a lot of us are worried about our own jobs, especially if we work for larger corporations in industries that are in trouble. I work for a large insurance company and we were told that our jobs, at least in my department, which is usually minimally impacted by layoffs, were safe for the time being.

That doesn’t mean that most of us are holding our breath though, as the news on the economy seems to get worse, and even the usually most upbeat of analysts are saying they are uncertain about 2009. The silver lining, of course, continues to be that we will see more declining prices on consumer goods, especially on electronics, which are in less demand with these times since they are a high ticket item.

I’m already in the market for a new desktop computer since my other laptop went kaput, and I’m seeing some great deals, but I might just hang in a bit longer and see what else I can get my hands on since I don’t believe the prices have quite bottomed out yet. Like I’ve said before, the declining prices on consumer goods is sort of a double edged sword though, since most people don’t have the money to buy these items, even at their deeply discounted prices, or are too fearful because they still feel they need to watch their money.

In other positive news, the unemployment claims rate was not as high as forecasted in November, according to the December report, but some think that may just be due to the holiday season and a possible reprieve, and that we will start to see a lot of beginnings of layoffs in January, which has been predicted for a while now.

Whatever the future holds for us in 2009, we all have to know that we’re in the same boat. Millionaires and billionaires have lost money too, not just the average joes, and people who normally may spend money on whims whenever they want are even holding onto their money. For the new year, you may want to make it your financial resolution to get those high interest debts paid off through a credit card debt consolidation loan that offers a better, lower rate and less hassle than paying multiple cards off to help simplify your life and give you peace of mind through the turmoil.

People who make six figure incomes may be particularly impacted, because they may be targeted for layoffs more than lower level salaries, so this recession and economically hard times affects every one of us in every walk of life. We must stay positive and focused on a brighter future, and not let this negativity work its way too far into our psyche.