Almost four out of 10 Americans are living on the edge of financial ruin, given rainy-day funds that either match or are lower than their credit card debt.
About 24 percent have more credit card debt than emergency savings, while another 13 percent have neither credit card debt nor emergency savings, a new survey from Bankrate.com found.
While Americans have never been particularly great savers, at least in recent decades, many workers are finding it harder than ever to sock away money for emergencies. That's because wages have been stagnant or falling for most. The country's lowest-paid workers are the only segment to see a significant pay gain last year, thanks to minimum wage hikes.
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3 comments:
This must refer to the ones that aren't already living off the government!
11:39 Good point.
I once worked at a shelter helping advise young women about their legal rights as they applied to their safety and the safety of their children. I received an education of a life time as to how to "work the system" for anything and everything you want out of life. Free food, rent, subsides on everything. I receive a more powerful education (if I had wanted to use it) than I was giving them. Talk about feeling under water. I was the one with the college education and they took me to class.
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