The Changing Face Of Finance In America, Reports

Jun 02, 2010, 07:00 ET from

MILWAUKEE, June 2 /PRNewswire/ -- Although the "tough" economy has certainly been a subject of focus for the last few years now, even more recently the media has pushed the topic of finance to the forefront of several industries, partially due to newly considered financial legislation.  From college dorms to Wall Street, it seems that nearly every single demographic in America is dealing with some type of changing financial trend in the wake of the subprime mortgage collapse.

And while our Senators are currently working on a new financial reform bill to help avoid another financial meltdown, many analysts predict that the proposed financial reform bill will actually eliminate many jobs by placing tough restrictions on financial products that had absolutely nothing to do with our current economic crisis.  It seems that small personal loans reaching from auto-repair shops who offer in-house financing, to the family dentist who offers in-house short-term finance options and even actual payday advance lenders will all perhaps fall under the vast reach of this proposed regulatory body, the Consumer Financial Protection Agency (CFPA).

But despite these attempts to curb another economic collapse, many Americans are already dealing with the changing financial landscape.   Although healthcare is a field originally thought to hold stable during economic crunches, many physicians are cutting back hours in the office because many patients have no or have recently lost their health insurance and are unable to pay for "unnecessary" doctor visits.

Teenagers are also feeling the crunch.  Many teens have seen cutbacks to their allowance, as well as the shrinking availability of jobs.  Several part-time positions that represent the already small percentage of job possibilities for high-school students, are now being flooded by laid-off adult workers trying to make up for cutbacks to their hours.  Many mall-chain clothing stores have reported decreased sales averaging around 15%, some of which employ several teens who will now be facing cutbacks and layoffs as well.

In spite of the fact that direct payday lenders such as may be facing increased regulations soon, in this tough economy it seems to be one of very few options Americans have for short-term credit.  Many direct payday lenders seem to be reporting increased numbers of applicants for in personal payday loans, assumable due to our tough economy, reports a payday loan resource website.

Thankfully, Americans are showing their strength by adapting early on to these tough economic times, as we work towards turning our economy around.