Oregon Coin Dealer Talks About State's Economy (VIDEO)

The advice of this money expert is for people to get out from under debts they can't handle sooner rather than later.

Bonnie King and Monte Mensing

(STAYTON, Ore.) - Monte Mensing from Monte's Coins in Stayton talks to Salem-News.com's Bonnie King about Oregon's changing economy and the affect it is having on people here.

Monte's Coins in Stayton is a center of activity when it comes to money, in fact every type of money under the sun for collectors.

Increasingly, Monte is seeing more families selling off prized heirlooms and coin collections in order to save their homes. Variable interest mortgage rates he says, are taking a major toll on families in the Willamette Valley as well as other regions.

The advice of this money expert is for people to get out from under debts they can't handle sooner rather than later. He says all too often employed families can't make ends meet when the mortgage rates rise, and they often sell off their valuables and still lose the house in the end.

Until a new system is in place to reverse current trends Monte says, the problem is likely to worsen.

He says he would rather see people save what they have by visiting a credit counselor and living strictly within their means. He says if you have to use a credit card to pay for dinner at a restaurant, you should be eating at home.

WATCH THE VIDEO BELOW WITH SALEM-NEWS.COM'S BONNIE KING AND MONTE MENSING OF MONTE'S COINS IN STAYON, OREGON.

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This is an important subject, thanks Salem-News for providing this information, as depressing as it is!

I realize it is an unpopular and antiquated concept but folks need to stop living up to their eyeballs in debt and spending every cent they get and start living within their means, building savings of 2-3 years of annual needs, saving up for desired items instead of getting things immediately with ez pay plans. Credit should be only for the largest of purchases like houses and cars or for emergencies, not day to day spending and impulse buying. Spending habits of today would be seen as insanely irresponsible through the eyes of opinions merely 40-50 years ago. This proves that new ideas are not always better ones. Ah well...

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