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Title: 1 in 4 Americans on verge of financial ruin
Source: Market Watch
URL Source: http://www.marketwatch.com/story/1- ... e-of-financial-ruin-2015-02-23
Published: Feb 23, 2016
Author: Catey Hill
Post Date: 2016-02-23 20:50:38 by U don't know me
Keywords: None
Views: 5295
Comments: 49

1 in 4 Americans on verge of financial ruin By Catey Hill

Published: Feb 23, 2016 5:31 a.m. ET

The rich keep getting richer. The rest of us aren’t so lucky.

According to a survey released Tuesday by Bankrate.com of more than 1,000 adults, nearly one in four Americans have credit card debt that exceeds their emergency fund or savings. And that’s partially because many people, in addition to their debt, don’t have a dime in their emergency fund at all: another Bankrate survey released earlier this year found that 29% of Americans have no emergency savings at all.

These numbers mean that many Americans are “teetering on the edge of financial disaster,” says Greg McBride, Bankrate.com’s chief financial analyst — thanks to the fact that they might be hard-pressed to pay for an emergency should one arise. “Not only do most of them not have enough savings, they’ve all used up some portion of their available credit — they are running out of options.”

That’s particularly problematic considering that emergencies happen more often than you might think. A 2014 survey by American Express found that half of all Americans had experienced an unforeseen expense in the past year — some of which could be considered an emergency. Indeed, 44% of those who had an unforeseen expense(s) had one for health care and 46% for car trouble — two items that for many Americans are must-pay items, as you need a car to get to work and your health expenses are usually not optional.

Some groups — for example, the 30 to 49 age group — are in worse off than others when it comes to credit card debt and savings. This group is in particularly rough shape, likely it faces child-related and mortgage expenses. Age % who say credit card debt is greater than emergency savings 18-29 20% 30-49 26% 50-64 25% 65+ 14%

For consumers, the ideal situation is to have no credit card debt and at least six months of savings in an emergency fund (more if you have dependents), experts say. But the reality is that most of us don’t have even close to that (just 52% of Americans have more emergency savings than credit card debt, the Bankrate survey revealed).

The good news: If you have no emergency savings, or more debt than savings, experts say you can remedy that situation. Some recommend paying off your credit card debt first (focus on paying as much as you can on the highest-interest-rate debt and the minimums on all others) and then building up savings, but others say you should try to do both at once. “When you have high interest credit card debt, I recommend saving just enough to cover short-term emergencies (your washer or dryer breaks, your car needs new brakes) — that might be one or two thousand dollars,” says Doug Bellfy, a financial advisor at Synergy Financial Planning in Glastonbury, Conn. “Then attack the credit cards and only then go back and complete building your emergency fund.”

Wan McCormick, a financial planner with Reliable Alliance Financial in Fairfax, Va., agrees with the split strategy: “Based purely on the numbers, one might recommend to focus on the high-interest rate credit debt since it costs more money out of pocket…however, oftentimes, unexpected events happen, and without an emergency fund, consumers with high-interest rate debts usually resort back to loans and most frequently, the credit card, since it is the easiest form of accessing money,” he says. To do both at once, McBride recommends setting up a direct deposit with part going into savings and part toward your credit card.

This story was originally published in February 2015.

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Begin Trace Mode for Comment # 23.

#1. To: U don't know me (#0)

People in REAL disaster need advice on what NOT to pay, how to strategically default.

As crisis gets worse and worse, people have to have a good battle plan. Yes, their credit rating will be trashed for awhile - but starving, losing a car, going sick, or ending up homeless is far worse.

It's a miserable fight, the defensive withdrawal, but it would be very useful to people if they were taught exactly how to do it.

Vicomte13  posted on  2016-02-23   21:47:07 ET  Reply   Untrace   Trace   Private Reply  


#2. To: Vicomte13 (#1)

It's a miserable fight, the defensive withdrawal, but it would be very useful to people if they were taught exactly how to do it.

Yes it is difficult to cut up your credit card, any act of self discipline is

paraclete  posted on  2016-02-24   5:57:14 ET  Reply   Untrace   Trace   Private Reply  


#3. To: paraclete (#2)

Cutting up the credit card when the job goes away and there is no money to eat is not just difficult, it is stupid.

It is smarter, under such circumstances, to continue to eat while trying to find something else - although that means taking on debt that may end up in default, than abandoning food and medical care as "discipline".

People who are REALLY screwed by a system where jobs have become more and more unstable, costs have ratcheted skyward for basics like food and medical care, and whose jobs were shipped off to China or taken by illegals - or have had the security taken out of them because of the threat of both even if not yet acted upon are put into desperate situations.

Now, people like you can point at them with judgment and ridicule, like you just did with your message. But you don't help anything by doing that, because you simply don't understand.

Take a look at what your attitude has wrought. Take a very good look at it.

It is WHY the minorities all flock together in the Democrat Party - because they KNOW that down at the margin they live, they will not be heard or treated with any respect as to be basic NEEDS by the Republicans.

And it is WHY Trump is roaring through the Republican Party also, because enough working class and formerly middle class WHITES have ALSO been put to the terrible REAL choices of which I speak, where the choice is medical care and food, or borrowing money today in the hope of MAYBE being able to pay it back tomorrow.

That's the circumstances that MOST AMERICANS now find themselves in, and that a full 40% of Americans DO experience. And that is why Bernie Sanders is doing so well in the already-Left Democrat Party, and why Trump is completing a hostile takeover of the Republican Party.

You live in Europe, yes? If not, you talk like you do. You speak of "my country" and "over here" a lot, so you're giving the impression that you live in a place like Greece, or Hungary, or some Mediterranean EU zone country. If that's not so, then you've been a little deceptive. But if it is so, then you don't live in American conditions, because everywhere in Europe there IS universal health care, and there IS a pretty comprehensive social safety net. People don't LITERALLY die from lack of insulin or lack of food or heat in the European Union. They grouse about being poor, but the system there, even in the poor countries, is not one in which anybody has to literally choose whether to eat or get insulin for diabetes.

But in America, people literally DO have to make those choices. Always did. It's just that now, given the ruinous result of years of bad policy, a LOT of Americans face that choice. And if the choice is between getting insulin and food, or stealing from the credit card company, stealing from the credit card company is the RATIONAL CHOICE rather than starving or letting your kid die for want of care.

What you wrote suggestly blythely that people whose back is against the wall should put the interests of economic square dealing with banks - who, remember, get 50% back on their taxes for economic losses - over their own survival. That's wrong. Given a really brutal system that we have in America, people who are being held underwater until they drown should be taught how to strategically default, because more and more that's the only way they can buy time.

Telling them to simply cut off their lifeline now, to save a bank some money, is what Jeb Bush would say. An that's why Trump is running away with the election. We don't need smarmy and useless advice.

People who are teetering on the edge CANNOT cut up their credit cards. They need to USE THEM. But we need to reform our system so that fewer and fewer people are teetering on the edge, and those that are have a less expensive and better option through a government safety net, than through credit cards and strategic defaults.

You cannot be blind to the plight of these people, because it is tens of millions of Americans. Well, maybe you CAN be blind to it, because in Europe people are not put to these choices. But in America they ARE, and that is why Sanders has surged, and Trump is going to win the GOP nomination and the White House.

Vicomte13  posted on  2016-02-24   7:09:18 ET  Reply   Untrace   Trace   Private Reply  


#6. To: Vicomte13 (#3)

Now, people like you can point at them with judgment and ridicule, like you just did with your message. But you don't help anything by doing that, because you simply don't understand.

God commanded us to judge righteous judgement.

He just told the truth.

You said go in more debt so you can be more of a slave.

A K A Stone  posted on  2016-02-24   7:21:54 ET  Reply   Untrace   Trace   Private Reply  


#16. To: A K A Stone (#6)

God commanded us to judge righteous judgement.

This is not really righteous talk. More like from Pulp Fiction:

The Incarnate God said:

"Do not judge, and you will not be judged. Do not condemn, and you will not be condemned.

His Holy Apostle Paul wrote:

"But with me it is a very small thing that I should be judged by you, or by man’s judgment. Yea, I judge not mine own self.

For I know nothing by myself, yet am I not hereby justified; but He that judgeth me is the Lord.

Therefore judge nothing before the time, until the Lord come, who will both bring to light the hidden things of darkness, and will make manifest the counsels of the hearts"

A Pole  posted on  2016-02-24   8:11:42 ET  Reply   Untrace   Trace   Private Reply  


#19. To: A Pole (#16)

If someone on the sexual predators list lived next door. You would have them babysit your kids or grand kids correct? Because you wouldn't ever judge them wouldf you.

John 7:24

24Judge not according to the appearance, but judge righteous judgment.

A K A Stone  posted on  2016-02-24   8:20:09 ET  Reply   Untrace   Trace   Private Reply  


#23. To: A K A Stone (#19)

I call upon the Lord to judge between me and you.

Vicomte13  posted on  2016-02-24   10:25:14 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 23.

#27. To: Vicomte13 (#23)

I call upon the Lord to judge between me and you.

That isn't going to happen. We will have to use reason and scripture to sort it out.

There is a judgement day that we will all be judged on. But it isn't a competition between you and I.

Look I don't like thieves. If I want to help someone out I will do that. I don't need the government to confiscate it. Then take a cut. Then give a large portion to some lazy deadbeat.

A K A Stone  posted on  2016-02-24 10:48:48 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 23.

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