In an attempt to save Wall Street, the government's bailout bill will go immediately into effect. At this point many are wondering how this will affect Alaska as citizens try to protect their own homes and assets?

The passage of Congress's $700-billion rescue bill is supposed to ease panic in the financial markets, but as the effects of the economy hit hard across the nation, it remains to be seen how much of an impact the bailout will have in state?

"This is more of a headline that's on Wall Street, and it isn't something that is truly affecting Alaska, except for those businesses that have operations outside," said Jason Roth, a Senior Vice President for First National Bank of Alaska.

As Alaskans carefully watch the news and

Jason Roth, Senior Vice President for First National Bank of Alaska
Jason Roth, a Senior Vice President for First National Bank of Alaska, discussed the economic possibilities that Alaskans could face in the future. Friday, October 3, 2008.
their assets in the face of uncertainty of the financial markets, its remains business as usual in the 49th state.

"It's going to affect the entire country, but as far as us here in Alaska we are pretty much self sufficient, so it won't hurt us as bad as the rest of the United States," said Shelton Barber, a Senior Loan Officer for Allied Home Mortgage.

"We give loan applications good credit. We are looking forward to making it," Roth continued, "We haven't seen any of those problems creeping in, fortunately also our economy has been pretty strong up here, maybe not growing as fast as it has been in previous years, but it's still growing."

According to officials, Alaska has not seen a constriction of credit in loans of all

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types including mortgages but if the government's bailout fails Alaskans may find themselves shouldering the burden.

"Its going to effect us real bad because we are going to see our interest rates shoot up, homeowners, taxpayers we are basically all going to be paying for it in the end," said Barber.

A spokesperson from the local consumer watchdog group AKPIRG, warns that although Alaska is not in any kind of economic or housing crisis right now, there are no protections included in

Shelton Barber, Senior Loan Officer for Allied Home Mortgage
Allied Home Mortgage's Senior Loan Officer , Shelton Barber, shared his views on Alaska's current economic standing. Friday, October 3, 2008.
the bailout plan for the credit that Alaskans rely on for day-to-day purchases.

As the nation deals with the mammoth bailout of the financial markets, experts stress that one should keep a close watch on their finances.

"We are not in a crisis as of yet, but we actually, we need to keep a watch out to coming close to that red line or falling on that red line," said Barber.

Locally, both mortgage companies and banks are working with consumers to help prepare for any detrimental effects on their credit.

"Managing your credit is like managing most things. You need to manage your debt, make sure the debt you are carrying isn't too large for the income that you have, you don't have excessive credit," said Roth.

"We let them know we don't have a crystal ball to foresee what exactly the rates will be, but just basically preparedness. We educate them with as much information as we can to have them prepared as far as what's to come," said Barber.

Officials at First National Bank of Alaska and Allied Home Mortgage have made assurances that they prepare in advance for stressful economic situations, and recommend individuals limit their spending on credit cards to avoid harsh scores on their credit rating. According to the firms, a good credit rating is very important in dealing with a difficult financial situation.

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