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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFive new stats that prove Americans are backwards about money
1. About 1 in 4 literally have no emergency savings. A survey released Tuesday by Bankrate.com found that 24% dont have even a single dollar saved for an emergency
2. We are more worried about paying for our next vacation than about saving enough for retirement
3. Millions of us hide money from our spouses and partners. An estimated 12 million Americans confess they have kept a source of money secret from their romantic partners.
4. We prioritize paying the wrong bills first. When we cant pay all our bills, we make bad choices about which to pay. Consumers in financial distress tend to prioritize unsecured personal loans ahead of other credit products such as auto loans, mortgages and credit cards
5. Weve racked up $1 trillion in credit card debt and thats just a fraction of what we owe.
Thats according to data released this year from the Federal Reserve, which found that U.S. consumers owe $1.0004 trillion on their cards, up 6.2% from a year ago; this is the highest amount owed since January 2009. Whats more, this isnt the only consumer debt to top $1 trillion. We now also owe more than $1 trillion for our cars, and for our student loans, the data showed
#5 twists my gut. Pay the average American worker a shit hourly work rate and give them a credit card. I believe the credit card companies and the powers-to-be conspire to enslave the American laborer with a low wage and a debt that shackles them for life.
More at:
.https://moneyish.com/ish/5-facts-that-prove-americans-dont-know-anything-about-managing-money/
House of Roberts
(5,189 posts)Is that where you take Monday off to get a four day weekend this Fourth of July, and don't go anywhere because of household chores, pets, and simply not enough disposable income?
TeapotInATempest
(804 posts)It sounds depressing when you put it that way.
And the thing is, I'm far from poor these days but because I was so broke for so many years I'm now behind trying to save for retirement, so I STILL don't go anywhere...
Wawannabe
(5,685 posts)STAYcation.
Skittles
(153,226 posts)yup
greymattermom
(5,754 posts)cigarettes, soda, makeup, manipedis, massages. Probably enough to afford a vacation.
LakeArenal
(28,858 posts)Only people using bottled water should be those whose tap water is... Poisonous? Flammable? Brown? All the above.
WhiskeyGrinder
(22,467 posts)them look good for a job interview.
MichMan
(12,000 posts)nikibatts
(2,198 posts)The system is made that way. My grandparents worked hard every day, saved enough for burial, had no credit, didn't have much joy through life except to work to give some pleasantries to their kids and grandkids. Home full of love and not much more. Born poor, worked hard, good citizens, died poor. I miss them and their loving ways.
exboyfil
(17,865 posts)Total Student loan debt is $1.2T. Some percentage is "good" debt obtained getting a marketable degree that can service it. How much does not meet that standard. Unlike the other debt it is not dischargable in bankruptcy. Finally the U.S. government owns most of the paper on this debt.
loyalsister
(13,390 posts)I'm sure there are people who just don't want to save. But, I think there's a significant number of people whose potential savings goes to paying down student loan debt, or just trying to survive.
BSdetect
(8,999 posts)Wawannabe
(5,685 posts)WhiskeyGrinder
(22,467 posts)aren't spending and what's wrong and why aren't they consuming.
These numbers don't show we're bad with money. They show there's something wrong with the system. Absolutely, people make terrible choices. But many times, particularly among low-income people or those in poverty, they're they best choices the have.
Finally, the words "health care" are missing from this article, which is where a lot of Americans' problems with money start.
Orrex
(63,234 posts)When the non-leisure class spends too much, they're blamed for harming the economy by creating too much risky debt.
When the non-leisure class spends too little, they're blamed for harming the economy by failing to support retailers.
The obscenely wealthy, however, can do wrong, no matter how many trillions they hide in offshore tax shelters. Money placed into the hands of the rich is a pure good; money placed within reach of the poor is deadly poison for the economy and the world.
WhiskeyGrinder
(22,467 posts)MissB
(15,812 posts)Sigh
Initech
(100,108 posts)Or however much their "cash back" equals. That is about as much false advertising as it gets.
NutmegYankee
(16,201 posts)Pay the statement balance off in full each time and it is cash back earned.
MiniMe
(21,721 posts)I do have a credit card, but they hate me because I pay it off every month. I don't have a mortgage or a car payment.