Marietta couple hold on to home, hope

AJC Special Report: Rewriting the American Dream

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By Dan Chapman

The Atlanta Journal-Constitution

The Rays of Marietta didn’t lose their house. They’ve both got jobs. A new TV graces the family room.

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Last year, during a time of financial crisis for the couple, Laura Ray and Chris Ray discussed the family budget in their Marietta home. Their situation has greatly improved, but the Rays remain committed to the invaluable lessons of frugality and debt-free living.

Joey Ivansco, jivansco@ajc.com Last year, during a time of financial crisis for the couple, Laura Ray and Chris Ray discussed the family budget in their Marietta home. Their situation has greatly improved, but the Rays remain committed to the invaluable lessons of frugality and debt-free living.

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Life is outwardly good on Independence Way.

Yet fear of the financial abyss gnaws at Chris and Laura Ray. You lose two jobs in one recession-wracked year, as Chris did in 2008, watch your savings dwindle, swaddle your baby in hand-me-down clothes and financial uncertainty becomes a lifelong companion.

The recession hit every American. Some lost all; others snapped up foreclosed properties.

Yet a sense of financial foreboding has infected the collective American psyche. Many, such as the Rays, have discovered the necessity — the joys even — of frugality and debt-free living.

America’s overall credit card debt fell 2.3 percent in January, for example, the 16th straight month of decline.

But pinching pennies furthers America’s economic duress. The squirreled-away cash isn’t buying cars, clothes or cappuccinos, so the consumer-based economy treads water.

“Some people will take to the lifestyle of being debt-free and live within their means, and some won’t and buy a house they can’t afford,” said Chris. “Time will tell. I hope they heed the lessons learned in the recession.”

The Rays did. They had no choice.

Chris lost three Atlanta IT jobs in nine years, the last one in July 2008. The Rays’ $24,000 nest egg dropped in half over the ensuing months. Much-needed repairs to the roof and furnace were postponed. The 12-year-old Camry, with 130,000 miles, would last at least another year.

Laura red-lined the household budget. Cable TV, the maid, Starbucks coffee, ice cream and Cokes disappeared. Pocket change was collected for date night. Coupons were cut, prices compared and toys were bought at church consignment sales for their son, Carter, then 2 years old.

Laura’s business, helping busy people organize offices, computers and closets, took off while Chris looked for work. He found “a great job” by Christmas 2008. The financial crisis passed. But the psychological scars remained.

So they continue to shop consignment stores. Carter received a $3 plastic barnyard with animals at Christmas. Chris takes tuna fish sandwiches to work.

The Rays save $100 every six months by recycling their own cans, bottles and paper. They’ll vacation for free next month at Chris’ parents condo at Panama City Beach.

The savings allow for expenditures. The recycling bonus covers once-a-month maid service. The refinanced mortgage came with a $500 gift card, which about paid for a 32-inch Vizio TV. The mortgage’s two-month grace period allowed the Rays to buy a new furnace. And the furnace’s “green” tax credit, $1,500, will help replenish the emergency fund.

But the Camry and a Jeep with 117,000 miles need replacing. The roof still hasn’t been fixed. The backyard needs re-grading to prevent basement flooding.

Joblessness and debt may be history, but fears remain. Chris’ company just announced a hiring freeze.

Their lifelong goals of climbing corporate ladders and retiring with cushy 401(k)s have evaporated. But they’re seemingly OK with their downsized American dreams.

“Paul in the Bible talks about learning to be content in times of surplus and want,” Chris says. “We’ve learned that things are OK. And we’re thankful for that.”