Sep 30, 2008 6:14 am US/Eastern
What's Worrying You: 'Losing The American Dream'
CBS 2 HD Spoke To A N.J. Husband, Wife Who Feel It's A Matter Of Time Before They Get Swallowed Up By Bills
CLIFTON, N.J. (CBS) ―
For the past week CBS 2 HD has been bringing you stories of people struggling to survive in this economic crisis. We asked you to e-mail us what's worrying you, and hundreds of viewers responded.
Judy and Jeff Marshall from Clifton, N.J. wrote to CBS 2 HD:
"Our fridge is literally bare and we live day-to-day with food. ... We can't even visit our children because the tolls are horrendous. It costs us $60 just to get across the river to visit them.
"Food has become the last thing on our priority list I have to say."
Their refrigerator is sparse, and bills are starting to get away from them. In a word Jeff and Judy say there life is …
"Scary," Judy said.
As a switchboard operator and Manhattan doorman, this couple brings in $4,000 a month. But after making payments on a $2,100 mortgage for their home, a home equity line of credit, maxed out credit cards, monthly bills and gas for their cars, they can't make ends meet.
"Reaching the end of the month knowing the mortgage is due, car payment due, PSE&G due, everything is due and what's coming in? It's really tough," Jeff said.
"I feel like we're living on borrowed time right now," Judy added. "It's a matter of time before everything that comes up from under us."
Financial advisor Tom Orecchio sat down with the Marshalls Monday night, telling them the first plan of attack is to analyze their cash flow, set up a strict budget and chip away at their debt.
"If you don't take control of your financial problems, you're financial problems will definitely take control of you," Orecchio said.
Jeff said his money woes prevent him from visiting his children and caring for his 83-year-old mother living in Queens.
"My mother was always there for me and now it's tough not being able to be there for her because of gas for $3.50, $4 a gallon, plus the tolls," Jeff said.
Orecchio said Jeff and Judy can do the things they want to do, but it will require serious dedication on their parts.
"If you set a budget and stick to it … it's much like diet and exercise," Orecchio said. "It won't work if you do it haphazardly. But if you stick to it and you're disciplined about it, you can fix this problem."
Marshalls said fearing they'll lose it all is far from the American dream.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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