When my husband's company closed LAST Dec and he lost the job he held for 23 years, boy was I glad we didn't have any debt except mortgage. He still hasn't been able to find a F/T job with benefits, just working p/t and collecting unemployment, thank goodness for unempl. I also work p/t. DS 11 has already been put on notice that he will be paying for his own college. He is extremely bright so we are hoping for some scholarships. I clip coupons and shop so frugally. My neighbors can't believe we can still support our household after DH being unempl. for over a year. This I pride myself on! All my bills are paid and we have not had to take out of 401K or IRA. DH has prospects for a F/T job with the town within the coming year-great benefits, retirement plan, medical, etc. We are hanging in there. The only advice I can give you younger folk is... don't bite off more than you can chew. If we had car payments, credit card debt, etc. we'd have been outta here! I know it's tough to do without but believe me, you never think it can happen to you, but it can. Live well and have fun, but within your means. AND, don't forget to save for a rainy day, even if it's only a few bucks here and there, because it can pour when you least expect it. Here's to a prosperous New Year for all!!