Bills.com provides 5 ways to survive today's tighter economy.
San Mateo, CA (PRWEB) September 17, 2008 -- The U.S. economy has taken a turn to tougher times, and many citizens are feeling the pinch. To help ease the strain, Bills.com President Ethan Ewing offers five specific areas of economic tightening -- and suggests actions individuals can take.
"About five years ago, low interest rates were on their way out; Americans were dipping into home equity; gas prices averaged less than $1.50 per gallon; and with the dollar at a record high in 2002, we could jet-set and import to our collective heart's content," Ewing noted. "Today, of course, the picture has changed dramatically."
Bills.com provided these five points to help individuals update their financial plans to reflect the biggest changes in Americans' personal economies.
1. What and how you drive. Then: SUV sales peaked at 56 percent of all vehicle sales in 2004, when gas cost $2 a gallon. Now: With gas prices around $4 a gallon in most U.S. markets, large SUVs were 8 percent of all vehicle sales in 2007. What to do: Choose a car that fits your budget and lifestyle. If you require a lot of seats or cargo space, find the best mileage you can, while bearing in mind safety and other factors. "If you own an SUV that you cannot sell, do not panic," Ewing said. "Holding a vehicle often makes more sense than taking a big financial loss. If gas prices are crunching you, look into other options, such as walking or bicycling to work, carpooling, taking public transit, finding a job and home that are located closer together, or investing in an inexpensive means of transportation, such as an older, good-mileage vehicle or a scooter."