Friday, January 13, 2017

Americans Generally Live Beyond Their Means

A $500 surprise expense that puts the majority into debt reveals not only is the highly touted economic recovery from the 2008 low less than advertised but also an increasing number of Americans live beyond their means. American generally buy more stuff than they can afford. Expect the $500 unmanageable surprise to shrink as the global economic contraction gains momentum from 2017 to 2020. Cries of government save us will grow louder as government struggles to collect money.

Headline: A $500 surprise expense would put most Americans into debt

While the jobless rate is down and wages are up, most Americans nevertheless remain one misstep away from a financial crisis.

Fifty-seven percent of Americans don’t have enough cash to cover a $500 unexpected expense, according to a new survey from Bankrate, which interviewed 1,003 adults earlier this month. While that may appear dire, it reflects a slight improvement from 2016, when 63 percent of U.S. residents said they wouldn’t be able to handle such an expense. The improvement reflects the stronger U.S. economy, but is still far from ideal, said.



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