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Started By
Message
One in four Americans has more debt than savings
Posted on 2/21/12 at 4:27 pm
Posted on 2/21/12 at 4:27 pm
quote:
Many U.S. consumers are so deep in a financial hole that even as the economy begins to turn around they can’t quite dig themselves out.
quote:
A survey by Bankrate.com released Tuesday found that 25 percent Americans have more credit card debt than they have in emergency savings, and that spells trouble if an emergency situation actually hits.
quote:
70 percent of those earning $75,000-plus have more in savings than credit card debt vs. 40 percent of those earning less than $30,000 per year.
quote:
64 percent of college grads have more in savings than in credit card debt vs. 46 percent with a high school education or less.
quote:
27 percent of Americans report a lower level of financial security now versus one year ago and 24 percent report a higher level.
quote:
38 percent of Americans are less comfortable with their savings now compared with one year ago; only 14 percent are more comfortable.
quote:
High amounts of debt and thin savings have become a fixture in U.S. society. “Over the years, the savings’ needle hasn’t moved,” he said. “From 2007 and 2011, the percentage of Americans with three months worth of expenses in savings, which is not adequate, is unchanged.”
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Posted on 2/21/12 at 6:15 pm to Will Cover
quote:
One in four Americans has more debt than savings
at first i was like, "no shite" because with student loans and mortgages, that makes sense
quote:
25 percent Americans have more credit card debt than they have in emergency savings,
oh CREDIT CARD DEBT?
that's scary
Posted on 2/21/12 at 6:23 pm to SlowFlowPro
I thought the same.
How do people let this happen?!?
How do people let this happen?!?
Posted on 2/21/12 at 6:30 pm to BehindtheWoodshed
quote:
How do people let this happen?!?
our economy is based in consumer spending
just wait until we can't keep spending at these levels. shite'S GOING TO GET REAL SON
Posted on 2/21/12 at 6:37 pm to SlowFlowPro
quote:
at first i was like, "no shite" because with student loans and mortgages, that makes sense
Agreed, I was thinking that was the only way it was possible. How the frick do people put so much on their credit card? My savings-to-credit card debt is infinity because I never carry a balance. I can't imagine that lifestyle
<--- OT poor
Posted on 2/21/12 at 6:37 pm to SlowFlowPro
quote:
our economy is based in consumer spending
just wait until we can't keep spending at these levels. shite'S GOING TO GET REAL SON
I honestly don't know how we're going to get out of the mess that will come when the credit bubble truly bursts.
Posted on 2/21/12 at 6:39 pm to The Easter Bunny
i'm investing in ammo and hand-to-hand weaponry
Posted on 2/21/12 at 6:46 pm to SlowFlowPro
I was watching some business show earlier and they mentioned that sub-prime mortgages were "making a comeback." The host was somewhat shocked and asked how it could be. The guest said that there will always be a market for that shite because people just don't want to be told/understand that they just can't afford some shite.
Posted on 2/21/12 at 6:48 pm to The Easter Bunny
quote:
I honestly don't know how we're going to get out of the mess that will come when the credit bubble truly bursts
Easy. We will just blame Obama.
Posted on 2/21/12 at 8:08 pm to CaptainBrannigan
IMO the biggest financial disaster will be when the government has to bail out people in credit card debt. It's too easy most people can't control themselves.
My first reaction to this post was much like SFP's no surprises that many have more debt to savings. We are living comfortably in my house and counting real estate investments, student loans, and business loans we don't have more savings to debt and we have 24 months of emergency savings.
CC debt is a curse.
My first reaction to this post was much like SFP's no surprises that many have more debt to savings. We are living comfortably in my house and counting real estate investments, student loans, and business loans we don't have more savings to debt and we have 24 months of emergency savings.
CC debt is a curse.
Posted on 2/21/12 at 8:13 pm to SlowFlowPro
quote:
oh CREDIT CARD DEBT?
that's scary
Yes, very.
That's why people like Dave Ramsey exist. While it's nice for the responsible adults to take advantage of a credit card's offering, a good number of people simply can't manage their money and should not be approved for credit. Period.
Posted on 2/21/12 at 8:38 pm to Will Cover
Well, I'm glad I'm not one of them.
And why does this happen? People like this is why:
Coworker ... "I want to go on a trip"
Me ... "Where do you want to go"
Coworker ... "somewhere nice"
Coworker #2 ... "hubby and I are going to New Orleans"
Coworker #1 ... "I really can't afford anywhere other than something close like New Orleans"
Coworker #2 ... "Oh, I can't afford that. I'm just going to put it on a credit card."
When they started talking about their cc balances I almost flipped out. The thought makes me ill of owing "several" thousand. Seriously, it's the problem that people have with instant gratification. I think it's more prevelant with my generation (mid 40s) and my kids generation ...
And why does this happen? People like this is why:
Coworker ... "I want to go on a trip"
Me ... "Where do you want to go"
Coworker ... "somewhere nice"
Coworker #2 ... "hubby and I are going to New Orleans"
Coworker #1 ... "I really can't afford anywhere other than something close like New Orleans"
Coworker #2 ... "Oh, I can't afford that. I'm just going to put it on a credit card."
When they started talking about their cc balances I almost flipped out. The thought makes me ill of owing "several" thousand. Seriously, it's the problem that people have with instant gratification. I think it's more prevelant with my generation (mid 40s) and my kids generation ...
Posted on 2/21/12 at 8:45 pm to tiger91
It's terrible and I don't see how people can live and deal with it. I use the shite credit cards but the balance is paid in full EVERY month.
I'm 23 with 5500 in a roth, have about 10k in checking and no real job yet and I won't have a dime of student loans to pay.
I'm 23 with 5500 in a roth, have about 10k in checking and no real job yet and I won't have a dime of student loans to pay.
Posted on 2/21/12 at 8:55 pm to SlowFlowPro
quote:
How do people let this happen?!?
You should ask my ex-wife this question.
Posted on 2/21/12 at 8:59 pm to OldTigahFot
Some think that WANT = NEED ... see OT for if iphone is a NEED or WANT.
Posted on 2/22/12 at 8:18 am to tiger91
quote:
Some think that WANT = NEED
Bingo.
What's sickening to me are the credit card companies that are allowed to solicit on campus.
I've always thought that it should be mandatory for high schoolers to take a course on personal finance. Drive the concept of the time value of money (and compounding interest) in their heads.
This post was edited on 2/22/12 at 8:26 am
Posted on 2/22/12 at 8:19 am to BehindtheWoodshed
quote:
How do people let this happen?!?
because they want to act like they have $$. Keeping up with the Jones. Big houses and fancy cars and more debt than they can handle. Look around and you see it.
Posted on 2/22/12 at 8:24 am to Will Cover
Your title is incorrect. It is "more credit card debt" than savings.
It is a LOT higher than one in four if total debt (home mortgages, automobile debt) is included. Probably over 50%....
It is a LOT higher than one in four if total debt (home mortgages, automobile debt) is included. Probably over 50%....
Posted on 2/22/12 at 8:27 am to LSURussian
I'd like to see what the numbers are for all unsecured debt.
Posted on 2/22/12 at 3:26 pm to LSURussian
quote:
It is a LOT higher than one in four if total debt (home mortgages, automobile debt) is included. Probably over 50%....
Hell it might be 80% or higher. I bet extremely few people have as much money in the bank as they owe on their mortgage.
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