re: How do people let themselves get into such dire straits financially?

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The common American has zero in savings. 3-6 months emergency fund is a foriegn language to most. It's pathetic and the reason this country is where it is. Those people vote $$$ instead of thought. As long as politicians play class warfare and pit successful Americans against those like your neighbor, people like President Obama get elected.

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That's not 100% of the issue. Another problem is the effect of big government on the job market and the cost of living. The median income is down about $1500 a year in real dollars since Ogump took office. The job market is bad enough that a lot of people are working below their pay grade or out of work altogether, and that has a domino effect on everyone. People get smaller raises or no raise at all since they're easier to replace than they would be in a better economy.

Obamacare is another issue. Some families literally had a second mortgage payment added to their monthly budget thanks to the increase in premiums (including a few on this board). Someone in that situation might have budgeted wisely and allowed $600 a month in savings, and that became a $200 to $300 deficit.