James Chessen Financial Quotations

My concern is many people are having financial difficulties. Personal savings rates are down. There is less of a buffer to fall back on.

Signs of financial stress still are present. The persistent interest rate increases by the Federal Reserve and record high gas prices in the third quarter provided a one-two punch that continued to inflict pain on personal budgets.

The fall in delinquencies was a welcome change, but signs of financial stress still are present.

The full financial effect of Katrina is still unknown. It may be many months before its impact is reflected in the delinquency picture and will depend on the success of reconstruction efforts in those regions.

What the delinquencies tell us is that there are more people who are under financial stress. The rise in energy prices is sucking up much more of households' budgets than they ever did.

The last two quarters have not been pretty. Gas prices are taking huge chunks out of wallets, leaving some individuals with little left to meet their financial obligations.