Oct 2, 2008 6:47 am US/Eastern
What's Worrying You: 'My Business Is Failing'
MIDDLETOWN, N.Y. (CBS) ―
From Wall Street to your street, CBS 2 has been asking viewers to let us know their financial concerns, and we've been overwhelmed with responses.
Albert Feliciano of Middletown writes: "We have eliminated all luxuries, no longer go out for entertainment as a family, and have turned off all thermostats and unused electric appliances just to try to survive."
We decided to tell his story.
His last name means "happy," and Feliciano, who owns a cleaning service, is determined to stay that way.
"I am a man of faith. I believe the good Lord will provide and take care of our family," he says.
But it's tough times in the Feliciano household, where all the little extras have been eliminated.
"We haven't eaten out since April of this year," he says.
Feliciano's cleaning business has gone bust, as the car dealers who were his best clients now struggle themselves. As his clients fell behind on payments, Feliciano went into debt paying his own employees.
"The reason why I cashed out my 401-K, again, payroll," he says.
His savings are gone and 85 percent of his clients have canceled. His monthly income has dropped to just $2,000, leaving him well short on his monthly bills for housing, lines of credit, cars, food, and energy – totaling $6,000.
"He's got to be ruthless about cutting expenses, but also plugging away from a business standpoint to make sure he's marketing to other areas," says Robert Cepeda of Quest Financial.
In the meantime, Feliciano is staying optimistic that brighter days are head.
"We will get through this, and we will have smiles on our face throughout the whole process," he says.
Feliciano says his faith will help him get through the tough times, and he'll be the wiser for weathering this financial storm.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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