Guide to Finance

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U S To Canada

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The unemployment has reached a 26 year high of 8.10 percent which is equivalent to about 651,000 jobs. The unemployment rate is expected to reach 10 percent by the end of the year. The US has one of the largest percentages of home ownership at 68 percent. Around 27 percent of these are mortgaged. The mortgage industry has been pinpointed as the root cause of the recession. Houses that used to command outrageously high prices is now worth less than what most home owners have loaned.



According to First American CoreLogic "about 8.31 million properties had negative equity at the end of 2008". And with the unemployment high, a big number people could lose their house due to foreclosures. The recession have also toppled business giants such AIG, Citi Group, Fannie and Mae and a lot more. The US stock market plummeted to just over the 7,100 mark. For the past two and a half months since the start of the year, the Dow Jones industrial average dropped by 25 percent.

The high unemployment, home foreclosure and low business activity in the US has altered the citizen's personal finance behavior. With less cash in hand and threatened by retrenchment and house foreclosure, Americans are now saving more than spending. In fact, savings rate is going up by a high of 3.6 percent, which is 2.8 percent higher than the November 2008 level. This behavior has profound effects outside the US.

Being a Filipino doesn't spare me from the US recession, though I'm miles and miles away, it affects me especially my income. As a blogger, I noticed that pay per post assignments have all dried up. I haven't got any post assignments for the past 3 months. I haven't got any income for almost a year from my affiliate links. The US recession has prompted me to be resourceful in finding alternatives.

The call center industry in the Philippines has been a boon to the local economy, providing employment to a lot of Filipinos. As a programmer in one of the large call center in Iloilo, I've seen many of my fellow employees being laid off recently. From a high of more than 600 employees in 3 branches, we are now just numbering over 300. The company focuses on outbound calls in the US, with a lot of business shutting down, who is there to call to? I've never been insecure of my position that right now.

As a business owner of a computer repair shop, our sales have gone down so low. The US is not the only country that laid–off a large number of their workforce. Other countries also did and most are Overseas Filipino Workers or OFW's. Most of our customers are sons or daughters or wives or husbands of OFW's. Before they wouldn't mind paying for computer repairs but now they would complain of our charges. If their computers are malfunctioning, they won't send their computer for repair as they normally would. This prompted me and my partner to look for other business opportunity.

In my personal point of view, the US recession affects everyone directly and/or indirectly wherever we are and each country's government has a responsibility in solving this problem which has now spread worldwide.
U S To Canada
If you become destitute abroad, the U.S. consul can help you get in touch with your family, friends, bank, or employer and tell you how to arrange for them to send funds for you. These funds can sometimes be wired to you through the Department of State.

In the Case of Illness or Injury

If you become ill or injured while abroad, you can contact the nearest U.S. embassy or consulate for a list of local doctors, dentists, medical specialists, clinics and hospitals. If your illness or injury is serious, the U.S. consul can help you find medical assistance and, at your request, will inform your family or friends of your condition. If necessary, a consul can assist in the transfer of funds from the United States. Payment of hospital and other expenses is your responsibility. U.S. consular officers cannot supply you with medication.

During an emergency, if you are unable to communicate, the consul will check your passport for the name and address of any relative, friend, or legal representative whom you wish to have notified. Because the U.S. Government cannot pay for medical evacuations, it is advisable to have private medical insurance to cover this.

Marriage Abroad

U.S. diplomatic and consular officials do not have the authority to perform marriages overseas. Marriage abroad must be performed in accordance with local law. There are always documentary requirements, and in some countries, there is a lengthy residence requirement before a marriage may take place.

Before traveling, ask the embassy or consulate of the country in which you plan to marry about their regulations and how to prepare to marry abroad. Once abroad, the Consular Section of the nearest U.S. embassy or consulate may be able to answer some of your questions, but it is your responsibility to deal with local civil authorities.

Birth Abroad

A child born abroad to a U.S. citizen parent or parents generally acquires U.S. citizenship at birth. As soon as possible after the birth, the U.S. parent or parents should contact the nearest U.S. embassy or consulate to have a Report of Birth Abroad of a Citizen of the United States of America prepared. This document serves as proof of acquisition of U.S. citizenship and is acceptable evidence for obtaining a U.S. passport and for most other purposes where one must show a birth certificate or proof of citizenship.

Adoption Abroad

If you plan to adopt a child overseas, you should be aware that the U.S. government considers foreign adoptions to be a private, legal matter within the judicial sovereignty of the nation in which the child is residing. U.S. authorities have no right to intervene on behalf of American citizens in the courts of the country where the adoption takes place. But there are a number of ways in which U.S. embassies and consulates can assist prospective parents.

The U.S. embassy or consulate can provide you with information on the adoption process in that particular country. Consular officers can inquire on your behalf about the status of your case in the foreign court, and they can assist in clarifying documentary requirements, if necessary. Consular officers will also try to ensure that, as a U.S. citizen, you will not be discriminated against by foreign courts, and they will provide you with information about the visa application process for your adopted child.

Because children in foreign adoptions are considered to be nationals of the country of origin, prospective parents must comply with local laws. One way to accomplish this is by dealing with a reputable international adoption agency, experienced in handling adoptions in the particular country in which you wish to adopt the child. In the case of a private adoption, you should hire a local attorney with expertise in adoptions.
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About Author
Both Frank Elliot & Lar are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Frank Elliot has sinced written about articles on various topics from Finances. Compare Certificate of Deposit Rates),
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