Financial worry in Mississippi - MSNewsNow.com - Jackson, MS

Financial worry in Mississippi

Posted: Updated:
JACKSON, MS (Mississippi News Now) -

With the country now left with a downgraded credit rating and the stock market taking a dive, many Mississippians are left wondering what it all means for them, especially with their financial investments.

"It feels like what we experienced just a few years ago. 2008 and 2009 was devastating in our financial markets," said Nancy Anderson.

For Anderson, owner of New Perspectives Financial Solutions in Ridgeland and assistant professor of finance at Mississippi College, it's a common concern.

"Most people are just scared to death and that's normal. I think that's certainly understandable based on what we've gone through before," Anderson said.

From 401(k)s and IRAs taking direct hits to fears of yet another recession, a lower credit rating could possibly mean higher interest payments on credit cards and home mortgages for Mississippians with variable rates.

Anderson says many folks are now reluctant to invest, which can create it's own problem.

"We know that consumer confidence is the grease of our economic engine," Anderson said. "So, now we are less confident and we're seeing those fear numbers rise dramatically and everyone is saying oh my goodness we're going to go back into recession. Well that can become a self-fulfilling prophecy if we all pull in."

Financial leaders say economic indicators are different now then what they were before the country took a turn for the worse and since Mississippi is typically on the tail end of feeling any impact from the national scene, many economists feel recent fears could become irrational measures.

Mississippi although still struggling, is experiencing slow economic growth and the major concern is on unemployment since many businesses are just as fearful.

Copyright 2011 WLBT. All rights reserved.

Powered by WorldNow