The average American family is “steeped in credit card debt, living paycheck-to-paycheck, at serious risk of financial ruin if the slightest thing goes wrong.”
“After spending money on holiday gifts, a majority of Americans are “broke.” 56.3% of people surveyed have less than $1,000 combined in their checking AND SAVINGS account….A majority of Americans are ‘broke.’ ” The survey does not take into account assets like homes and cars owned, but it’s still a rather shocking window into how most Americans seem to live on the edge financially and might explain the anger being expressed politically.
“In an emergency, 56.3% of Americans would need to borrow in order to survive. Rather than focusing on building wealth, the primary focus of a majority of American families is to get through the month.” Forbes analysis
24.8% have less than $100 in their accounts.
23.8% have between $101 and $500 in their accounts.
7.7% have between $501 and $1,000 in their accounts.
16.4% have between $1,001 and $5,000 in their accounts.
27.3% have more than $5,000 in their accounts….Most financial planners recommend having an emergency fund with at least $1,000. Ideally, the fund should cover three to six months of living expenses. 56.3% do not have even the minimum of $1,000.
A significant minority will be paying off their credit cards for a long time
61.7% of people will be able to pay their balance in full.
27% will take some time, but pay more than the minimum due.
11.3% can only afford to pay the minimum due.
For the 11.3% paying the minimum due, they can expect to stay in debt for more than 25 years and will end up paying more interest than the original amount borrowed.” http://www.magnifymoney.com/…/deeper-credit-card-debt…/