Oct. 11--As panic swept U.S. and world financial markets Friday, many Grand Strand residents were gripped by uncertainty about what the downturn will mean for their budgets.

The top economists and the average consumer alike are trying to figure out what to do to weather the crisis and what will happen next in light of the declines across the globe.

Some are worried about losing their jobs. Others are afraid their retirement accounts or savings for their kids' college costs will be wiped out. Some are so stressed, they are seeking guidance not only from financial advisers, but general counselors.

Amy Knight, 42, said she's stressed over the markets because of her daughter entering college next year.

"We were going to borrow against our retirement funds to get her through college, but that's probably not going to happen now, and it's going to be harder to get private loans, too," Knight said. "I've been watching my retirement fund, and it's scary. I might be working at Wal-Mart as a greeter until I'm 80 instead of retiring."

Dealing with the stress

Financial experts and area residents have been growing more pessimistic with each day of dour news.

At American Fitness Club in Myrtle Beach, people were working out to deal with the stress from the yo-yoing stock market.

Samantha Magill, 33, of Germany read magazines and glanced at a television in front of the treadmills as she ran.

"It's just as bad in Germany as it is here. Banks are failing out there, too," she said. "We're all connected. It's a global economy, and I just keep thinking that it's going to take a while to get out of this, and nothing is going to be the same when we do."

The economy was also a concern for people who attended a free depression screening that The Lighthouse Care Center of Conway held at Coastal Grand Myrtle Beach mall on Thursday.

Marketing director Elyssia Lowe said about 20 people came in to take a survey and talk to a counselor, and many of them were worried about the economy or listed effects of the economic crisis as a stress. Several had lost a job or had a family member move in with them because that family member had lost a job, Lowe said. She said the number of people who have come to the center this month has been higher than normal.

That anxiety in large part fuels the downward spiral. As people lose wealth, even if only on a balance sheet, they spend less across the board in stores, in restaurants and on vacations, experts said.

"When you have this kind of uncertainty, what people are going to do is hoard cash.