THE EFFECT OF THE WORLD’S FINANCIAL CRISIS ON AN INIDIVIDUAL   

The world’s financial crisis has taken its toll on many businesses, thus affecting many individuals in the process.  

The world’s economic crisis has affected many individuals in the following ways:- 

(1)   LOSS OF EMPLOYMENT 

Many people have lost their jobs and some of them are not very secure in their present employment status. Most organisations are seriously “downsizing” and laying off many of their staff because of the global financial crisis. Some organisations have decided not to lay off any member of their staff; they simply pay their workers half of their usual salaries (until the economy picks up). Finding a good job in this present global financial crisis is virtually impossible because even most top organisations are looking for “cheap” labour.  

(2)   LOSS OF HOME 

Losing ones home is perhaps one of the worst things that could happen to anyone.  Some people have already lost their homes and many more people are on the verge of losing their homes, this is because more and more people are unable to meet up with their mortgage payments. The reason why most people are falling behind on their mortgage payments is because many of them have either lost their jobs or their businesses (that is, if they are entrepreneurs) is not doing as well as it used to. 

(3)   NO ACCESS TO BANK LOANS 

Before the global financial crisis business loans were quite easy to access but due to the global credit crunch most banks (if not all) have not been granting loans to individuals (for obvious reasons).  According to many financial institutions, most banks are going to go under if care is not taken because of their past “careless” lending. It can be very frustrating for an individual who has lost his or her job and cannot secure a loan to start up a small business in order to sustain a source of livelihood.  

(4)   POSSIBLE REPOSSESSION OF POSSESSION(S) 

One of the most embarrassing things that can happen to any individual is to have his or her property repossessed in full glare of his or her neighbours. The global financial crisis have caused many people to fall behind on payments on their cars, furniture, electronics etc. thus, giving creditors the power to repossess the goods that have not been fully paid for. 

These are just a few of the effects of global financial crisis on an individual. Most people hope and pray that “the Great Depression” will not repeat itself because many families are already going through a lot of problems due to the present financial crisis. When bread winners of the family get laid off work and then get kicked out of their homes due to default on mortgage payments. How are they going to fend for their families without resorting to crime? Yes, the global financial crisis has turned some people into overnight criminals, most people have taken to crime in order to make ends meet and pay off all or some of their debts.