The rich keep getting richer. The rest of us aren’t so lucky.
According to a survey released Tuesday by Bankrate.com of more than 1,000 adults, nearly one in four Americans have credit card debt that exceeds their emergency fund or savings. And that’s partially because many people, in addition to their debt, don’t have a dime in their emergency fund at all: another Bankrate survey released earlier this year found that 29% of Americans have no emergency savings at all.
These numbers mean that many Americans are “teetering on the edge of financial disaster,” says Greg McBride, Bankrate.com’s chief financial analyst — thanks to the fact that they might be hard-pressed to pay for an emergency should one arise. “Not only do most of them not have enough savings, they’ve all used up some portion of their available credit — they are running out of options.”
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Thanks Obama
ReplyDeleteWe are reaching the point of negative interest rates on our bank savings accounts.
ReplyDeleteThere is little incentive to save because of this, and most of us live from paycheck to paycheck with very little left over for savings.
Its no wonder when a major expense comes up, like a vehicle repair, health emergency, or unexpected bill, you have to end up using credit to pay that expense or try to get a loan so you will become deeper and deeper in debt!
I'm afraid our best days are now behind us. The party is over and the bills have come due!
dan said it would be like this
ReplyDelete25% cannot be attributed to Obama.Too much house,too much car,cruises,vacation travel in general and overall living beyond affordable means contributes a whole lot.Saving money is a thing of the past,and everyone could put something aside.There have always been the haves and the have nots and always will be.
ReplyDeleteMore for me.
ReplyDeleteobammy certainly did not help matters but the blame goes back much further
ReplyDeleteCorrect. It goes all the way back to the schmuck Bill Clinton.
Deleteim a big time republican but this isn't on president Osama, this is on lack of financial intelligence. a couple dollars a week put aside goes a long way and compound interest is great
ReplyDeleteThe real problem is no decent paying blue collar jobs left. The ones that are left like in retail now, instead of giving raises to keep employees they just take advantage of the liberal immigration policies and import workers who will work for the low wages. Cut off the immigration and see how quick wages would rise.
ReplyDeleteExactly.
DeleteSupply and demand. Make labor scarcer, and it becomes more valuable...But it won't become scarcer, because they'll plead dire poverty and import more foreigners to dilute the labor pool, thereby keeping wages at poverty levels.
Just be like a a a male i work with he lives with his white girlfriend in section 8 housing has a unwedlocked child with her as she has s,more besides that he says.He basically breathes for 8 hours and gets paid local county taxpayer dollars for it so all his money goes for his wants because his needs are paid for by the taxpayers.
ReplyDeleteThe 40 somethings live in houses that are about to be foreclosed on but instead of sticking in there, they go on a cruise and then walk away from the house. Things didn't fall into their lap so they basically live from one disaster to another and walk away. That whole generation is being brought down by a huge amount of lazy a$$
ReplyDeletethat make them all look like deadbeats. I'm sick of it.
Thanks to all the libs elected to office. And they are still convincing many their way is the right way. How sad and scary!
ReplyDeletePay has not gone up but expenses have. A guy working in a parts department in the 60s made 100 dollars a week and could buy a new Corvette for 4000. Now a guy in a parts department makes 400 maybe 500 if they are lucky and a Corvette is 70,000. This is because the Government is skimming off everyone, on every transaction on federal, state, county and city level. They justify it by claiming that everything they do is nessasary for our protection but time and time again you see the failures of the alphabet soup of burocracies. If they aren't doing their job, if they are not nessasary, if they are redundant, SHUT THEM DOWN!!
ReplyDelete3:58 - You hit the nail on the head. My father (81 yo) always told me don't spend more than you can afford, don't be a job hopper,arr and base your financial decisions on what you earn now - not in the future. I've just retired at 56, worked 30 yrs for the same company, good pension and have quadruple the amt of savings than most Americans have. Have modest house, no boat or fancy car. Didn't go on luxury vacations. Bought my two kids new base model cars and put them thru college.
ReplyDeleteHonestly people the whole freaking country is bankrupt and on verge of financial ruin. It's pretty much a S••• rolls downhill scenario
ReplyDeleteObama care is the cause.
ReplyDelete