We have all been taught from the time we were knee high about the importance of having a savings account. Unfortunately, as the decades have passed, the amount of Americans that actually have a savings account decreases with each generation. According to this following article, 55% of Americans have more credit card debt than savings, which is up 3% from just 2011.
Although the personal savings rate was backsliding for two decades prior to the recession in 2008, the savings rate has now gone up since the recession. Don’t confuse this with financial recovery, because even those making more than $75,000 have a difficult time saving during these hard times. If you have been unable to save and can no longer afford your massive credit card debt, you may want to contact a debt settlement attorney to learn how they can negotiate large reductions in your credit card debt.