Average American has 30% more Credit Card Debt than Savings
Do you have an emergency savings fund? While many Americans remain unemployed or underemployed, most find it difficult to save for their future. Not only are we not saving for retirement, most are not even able to save for emergencies. An emergency fund should be relatively easy to obtain but as this article in USA Today points out, this couldn’t be farther from the truth.:
The younger generation finds it increasingly difficult to save for various reasons. With some it may be because of student loan debt or the increasingly high cost of living while for others it is purely temptation and the need to keep up with the Joneses. Not only is this generation having difficulty saving, they also have a higher amount of credit card debt than savings. Within the age group of 30 to 49, over 30% of this group has more credit card debt than savings. This number is significant and reflects what it happening with our economy and society.
Saving for you retirement can seem like an overwhelming challenge. As this article points out, the simple task of creating an emergency fund can be just as difficult. While cutting back on extras may be a solution for some it definitely is not the answer for all. If your credit card debt has become an overwhelming burden, you may want to consider debt settlement. A qualified debt settlement attorney can help negotiate reductions in your credit card debt without the need for bankruptcy. This could be a great solution to your financial woes and does not affect your credit score like a bankruptcy would.
Author: Debt Attorney Kevin Fallon McCarthy