Americans Look to Personal Loans as Airlines Lose Big

The post-recession numbers

Americans are still looking to personal loans for funding due to the struggling economy. The latest study showing that the country is still reeling from the recession involves the airline industry. The world's airline industry stands to lose approximately $9 billion in 2009, which is almost double the projected loss. A spokesperson for the International Air Transport Association, IATA, an organization that represents 230 worldwide airlines, announced that the industry is in a "rapidly deteriorating revenue environment."

Airline industry is not optimistic

Though many experts still see a bottoming-out of the economy, the IATA says the industry was so severely hit that they will have a difficult time recovering. "Weak consumer confidence, high business inventories and rising oil prices pose headwinds for future recovery," added the spokesperson.

Overall airline industry revenues are slated to lose $448 billion this year, which is an almost incomprehensible dip of approximately 15% from last year. IATA CEO Giovanni Bisignani stated, "There is no modern precedent for today's economic meltdown. The ground has shifted. Our industry has been shaken. This is the most difficult situation that the industry has faced."

Airline jobs not secure

Due to the industry's situation, the effects are expected to hit employees hard. Passenger traffic for this year is expected to decline by 8%, with cargo demand falling 17%. An additional 100,000 jobs worldwide are threatened due to the state of the airline industry. Bisignani is urging the government to "lift restrictions on routes and cooperation between airlines to bolster the global airline industry." It is his hope that a global push for the market will ease the struggle. … click here to read the rest of the article titled “Americans Look to Personal Loans as Airlines Lose Big“