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Some moving back home as effects of recession felt
By Sam Craine on Apr 7th, 2010
A recent study shows that many people may have chosen to move back in with families, perhaps in an attempt to help pay off debt.
According to the Mortgage Bankers Association, which released the study from University of Southern California professor Gary Painter, the country lost 1.2 million households from 2005 to 2008. Painter said that the study showed an increase in household formation will have to wait for the job market to become stable.
"Young adults need not only a paycheck, but also a sense that they have sustainable employment before striking out on their own," Painter said.
March posted an unemployment rate of 9.7 percent, the third month in a row the figure was at this level. For men age 20 and older, the unemployment rate was 9.9 percent, down from 11.5 percent in February. Women in the same age category also showed a decline in the rate, which fell from 8 to 6.9 percent.
Even with the job market stabilizing and people trying to save money by living at home, bills accumulated during the Great Recession may still be too much to handle. Consumers trying to gain control of their finances may consider a debt management plan, which can reduce the amount of interest people pay on credit card debt.
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