SD Finally Hit by Recession
Local News
by
Michael Dupre
last edited on
Monday, February 09, 2009
The recession appears to have arrived in South Dakota. Last summer, it seemed like the state was
immune to the national financial crisis, but things are rapidly changing in Rapid City.
One local credit
counseling expert says he’s seen a significant rise in people having money
management issues. Terry Mills from
Consumer Credit Counseling says a lot of people are just a paycheck or two away
from falling into deep financial trouble.
He says living on
a fixed income gets more difficult when prices go up on everyday goods. People can feel the financial pinch while trying
to make regular payments on credit cards, like rent and car loans.
"Towards the
end of 2008, it really started impacting South
Dakota. Our
credit counseling appointments have been up 39 percent over 2007, so that tells
me there's a lot of people struggling to pay there bills on time," says
Mills.
Mills says there
are also a lot of people struggling to pay their house payment.