fin100 week 4 discussion RESPONSE

Please respond to this post in 5 sentences or more.

I received a phone call in 2007 asking me to come to work for an established auto loan company that was placing an office in Billings. The offer came with a wonderful pay raise that I couldn’t refuse. I had been with my current employer for five years, and was making less than $10/hour. This position offered a $5/raise. I went to work for United Auto Credit Corporation two weeks later. We offered sub-prime lending for auto loans at an interest rate of 24%! I knew this was highway robbery, however, they thrived and were providing me a paycheck.

As 2008 began, we were excited to be starting a new chapter in our lives, I had a great job, we listed our smaller home for sale, and placed an offer on a new home. Slowly, that would all crumble. We began noticing the corporate offices tightening the reigns on what we were allowed to fund, making it nearly impossible for us to approve loans. In April 2008, the vice president of the company walked in the door and closed us down. The company continued to crumble. As the credit crisis may have begun with mortgages, it certainly went downstream to affect almost everyone that took out any type of loan during that time.

We took our home off the market immediately, not knowing when and if I would find a new and comparable paying job. I took a job with GE, and started in July. I was optimistically cautious about this new corporate job. It took me 3 years there to feel comfortable with the idea of trying to sell our home again. I stayed with GE for over 5 years, and as I noticed them outsourcing our jobs, I knew what was to come. I made the decision to take an opportunity to stay home with my children and open a small in-home daycare.

Although it has been nearly 10 years since the credit crisis, I still am cautious when it comes to taking out loans, and overextending ourselves. The credit crisis definitely taught me a lot. I feel that many people still feel the effects from it, from lower paying jobs, to rebuilding lives after losing everything they had. Although I have bounced back from it, I believe I still feel the effects of it in terms of being cautious.

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